Natasha TurakSource: Egypt can handle the emerging markets downturn ‘up to a limit,’ finance minister saysEgypt is enjoying its highest economic growth in a decade, at 5.3 percent for the 2017-2018 fiscal year compared to 4.2 percent the previous year. Amid a brewing storm for emerging markets, Egypt’s finance minister believes his country’s economy can weather what has thrown many others into crisis — as long as the underlying causes don’t get any worse. “It is worrying; however, we are able until now to absorb these negative effects… Egypt’s economy has sources to address this. But the austerity measures behind some of this growth have led to sharply increased living costs for ordinary Egyptians and deepening social discontent. These are to include encouraging further structural reform, establishing internal and external borrowing targets, and continuing to pursue growth, Maait said.

Source: The North Africa Journal September 05, 2018 06:56 UTC