|
Saturday, May 19, 2007
An official report issued by the International Monetary Fund has confirmed improved performance of the Egyptian economy and increase of the annual growth rate since 1998. The report contains a number of high and promising figures which reflect the positive results of the underway reform plans. However, it stressed the importance of undertaking more structural readjustments for correcting some aspects of the economic activity. The report, which is entitled "regional economic vision" expected that Middle East, and Central Asian nations would witness more improvement in the economic performance this year. The report indicates that the Egyptian economy will have encouraging aspects such as increased economic growth rate, increase of exports, retreat of debts, decline of the government spending, increase in the state revenues and increase in the monetary reserve. The report lists Egypt among emerging markets in the region which is covered by the report. The report expects that the gross domestic product GDP in Egypt will hit 6% this year compared to 3.2% in 2003 and 4.1% in 2004, 4.8% in 2005 and 6.8% last year. The report indicates that the GDP reflects big and ongoing improvement of the Egyptian economy one year after another, saying GDP is expected to hit more than 129 billion dollars this year compared to 107.4 billion dollars last year. The report indicates that this value was slightly more than 81 billion dollars in 2003 and 89.8 billion dollars in 2005. As for the government spending and net lending, the report shows that spending is expected to come down to 32.8% of the GNP this year compared to 37.1% last year. Generally speaking, the report indicates that average spending from 1998 until 2002 was 31.2%. As for the ratio of government debts to GDP, it also registers important decline since 2003. According to the IMF figures, this ratio is expected to backtrack to 81% this year. The report expects that the value of exports of commodities and public services will hit 35.8 billion dollars this year. It also expects increase of imports from 30.2 billion dollars in 2005 to 38.2 billion dollars last year and 41.8 billion dollars this year. The report indicates that government revenues will increase to 27.9% of GDP compared to 24.2% in 2005 and 23.9% this year. The report registers an important development represented in the backtracking of foreign debts versus GDP to become 23.% this year. The report indicates that average registered by the IMF from 1998 to 2002 was 30.6%. The IMF refers to Egypt's success in developing and increasing its monetary reserve to 28.5 billion dollars this year compared to 16.4 billion dollars in 1998-2002 period. |
|
||||||||
Print this page 
Mail this page 