Growing deficit is necessary

April 2009
MEED: Middle East Economic Digest;4/10/2009, Vol. 53 Issue 15, p6
The article reports that the main foreign currency earning sectors of Egypt have suffered a decline in revenues affecting its economic growth. Egyptian Prime Minister Ahmed Nazif cabinet had initially denied that the global financial crisis would impact the country's growth, but revised its growth estimates in 2009, with the gross domestic product (GDP) growth expected to slow by 4% to 4.5%. The foreign direct investment fell to $4 billion in December from $7.7 billion the previous year.


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