Egyptian GDP to grow 5.6 percent in 2002
Egypt’s Gross Domestic Product (GDP) is expected to increase 5.6 percent during the year 2002, after rising a forecasted 4.8 percent in 2001, predicted The Economist, the influential British economic weekly.
In terms of economic performance, The Economist ranked Egypt in the fourth place in 2001 and in third place in 2001 among 25 emerging markets, which include Poland, Turkey, Indonesia, India, Argentina, Brazil and South Africa. In terms of growth, Egypt will have outstripped Israel, South Africa, Turkey and Poland, the magazine said.
But 5.6 percent growth may not be enough. In March, the World Bank issued a report stating that the major obstacle facing the Egyptian economy is the need to provide 500,000 job opportunities for university graduates annually. In order to lower the unemployment rate, the economy has to achieve a growth rate of six percent annually, the report added. — (MENA Report)
© 2001 Mena Report (www.menareport.com)