Egypt’s economic growth in the first half of the 2015-2016 fiscal year amounted to 4.5 percent, representing a slowdown by one percent from last year’s 5.5 percent growth rate, planning minister Ashraf Al-Araby said, according to Reuters. Al-Araby added that the Egyptian government is aiming to reach a growth rate of under 4.5 percent in the second half of this fiscal year, with a total of 4.4 percent in 2016. The reason given for the lowered GDP growth forecast was the uptick in attacks by militants against the tourism sector, as well as other problems negatively impacting the economy. Egypt has lately been hard-hit by a series of incidents that have affected the country’s revenues drawn from the critical tourism sector. Since the 2011 uprising that ended Hosni Mubarak’s 30-year rule, foreigners and investors have shied away from coming to Egypt due to security fears. A number of other setbacks have occurred since then, including the downing of the Russian airliner last October – for which the Islamic State claimed responsibility – and the accidental killing of eight Mexican tourists by Egyptian security forces. The torture and murder of Italian…
Egypt’s Economic Growth Falls to 4.5% in First Half of Fiscal Year as Tourism Revenues Decline
May 30, 2016
