Egypt’s economy is expected to grow by 4 percent this year, Stephen Dick, Vice President at credit rating agency Moody’s, told CNBC Arabia on Thursday.
Hess further said that Egypt witnessed some major changes since late 2016, most significantly receiving the first tranche of the International Monetary Fund’s loan and adopting a number of effective reforms, which in return would positively affect its medium-term credit ratings.
Egypt’s economy can grow between 4 and 5 percent in the medium term, Hess added, saying these forecasts are subject to the application of the reforms and the return of foreign investments.
Moody’s official referred to some challenges that still haunting Egypt’s economy such as the rise in the inflation rate, which exceeded 30 percent last February driven by the floatation of the pound currency. Yet, Hess asserted that there are some encouraging indicators that signal some improvements in the country’s economic growth rates.
This story was translated by Amwal Al Ghad English
