Egypt’s economy is expected to expand as a result of the ongoing reforms and improved business climate provide further growth in industrial activity, Invest-Gate reports.

Economic growth rate is forecasted to rise by 4.5% in FY2017/18 and 4.9% in FY2018/19, according to a report released by the World Bank.

Egypt’s growth remained stable at 4.2% in FY2016/17 while the exchange rate devaluation, according to the World Bank, had a positive impact on competitiveness, contributing to strong industrial production, investment, and exports in the second half of FY2016/17.

Inflation has risen rapidly from 2016 and remains elevated above 25% y-on-y by November 2017. This has reflected the effects of the currency float in November 2016, higher food prices, and administered price hikes. However, these inflationary pressures have eased somewhat towards the end of 2017.