IMF official says Egypt's economy is seeing `Broad-Based' growth

The International Monetary Fund said Egypt’s economic growth is driven by a “broad-based” recovery across industries, a sign that reform measures such as floating the currency are starting to pay off even as inflation remains high.

Gross domestic product expanded at an annual rate of 4.6 in the first half of 2017, the fastest pace in seven years, to the surprise of some economists who predicted slower growth as record-high interest rates and rising consumer prices weigh on confidence. The IMF expects the economy to grow 4.5 percent in 2018 from 4.1 percent this year.

“The reemergence of growth as we see it is broad-based; various sectors of the economy are benefiting from it including export, including tourism,” Jihad Azour, head of the IMF’s Middle East and Central Asia Department, said in an interview in Dubai. “Remittances are improving as well as other traditional sectors.”