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Egypt economy to grow under 2pc in 2012

Cairo, June 17, 2012

Egypt's economic growth will slow to under 2 per cent this year from 2.5 per cent last year because of political turmoil, the country's central bank governor said on Sunday.

'We have a revolution,' Farouk El-Okdah told Reuters when asked why growth would slow. He did not elaborate.

Okdah was speaking on the sidelines of a meeting of officials from the Arab Monetary Fund and central banks in the region.

In April, the International Monetary Fund had forecast Egypt's gross domestic product growth would slow to 1.5 per cent in 2012 from the 1.8 per cent which it estimated for 2011.

Political uncertainty since the ouster of President Hosni Mubarak in February 2011 has stifled investment and hurt trade.-Reuters

Tags: Egypt | economy | growth | IMF | Arab Monetary Fund | revolution |

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