Economy of Egypt seen growing 3.5% in 2014-15

Egypt’s economy is set to grow by 3.5% this fiscal year, according to economists polled by Reuters who raised their forecasts based on a stronger set of recent growth data and improving business confidence.
The forecast is in line with the government’s target for the 2014-15 fiscal year that began in July and would represent a modest rebound for Egypt, which has struggled to restore growth during four years of political turmoil.
The 2011 uprising that toppled Hosni Mubarak hit the economy hard, discouraging investors and tourists and slashing growth to below 2% in 2010-11.
Real GDP growth in the fiscal year 2009-10 was 5.1%.
However, Egypt has received billions of dollars in aid from Gulf states since ex-army chief Abdel Fattah al-Sisi ousted former president Mohamed Mursi of the Muslim Brotherhood in July 2013.
The aid has kept the economy afloat as the government introduces reforms, seeking to balance between restoring growth, controlling inflation and curbing its budget deficit.
In July, Egypt slashed energy subsidies that have long weighed on state finances, causing price rises but signalling that the government was ready to take tough decisions.