Egypt aims for 5-percent growth next year
The country's 2017/18 budget will target a 5-percent growth rate, a deficit-to-GDP ratio of 9.5 percent and total public debt equivalent to 94 percent of GDP. The finance ministry is also aiming for an unemployment rate of 11 percent, down from 12.6 percent, reported state-owned Ahram Online. The ministry said this growth rate will be achieved through policies that support productive sectors like industry as well as programs to boost exports and attract investments. The government will also continue to emphasize national megaprojects. While the government will rationalize spending, it promises to boost social support programs for low-income citizens, while improving health care, education and infrastructure. Egypt also targeted 5-percent growth for the current fiscal year, while economists surveyed by Reuters in October project a number closer to 3.5 percent.