Egypt economy grows despite financial crisis impacts


MENAFN - Qatar News Agency - 19/10/2009

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(MENAFN - Qatar News Agency) Egyptian finance minister Dr. Youssef Boutros-Ghali has said his country''s economy witnessed a growth of 4.7 per cent last year, despite the negative impacts caused by the global financial crisis.

He noted that, thanks to the 15 billion pounds stimulus package, economy has been refreshed, expecting it will reach a 5 per cent growth by next year. Addressing a forum on the economic and financial crisis last night, Ghali said the Egyptian government is working to face several challenges, through creating more job opportunities, reducing its expenses and curbing its budget''s deficit during the next three years.

Dr. Ghali also stressed the necessity of openness towards the newly emerging markets in south eastern Asia, Africa and Latin America''s block of Mercosur in order to export Egyptian products and verify its sources and currency, instead of its complete dependence on the US dollar, adding that the world''s currency markets are still unstable

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