Official statistics have cited accelerated economic growth within the Egyptian economy over the past few years, according to Al-Hayat daily. In 1998, the national economy grew by 5.6 percent, whereas in 2000 it grew by 5.9 percent.
In spite of these statistics, foreign investments to the country dropped from €180 million ($152.5 million) in 1997, to €128 million in 1998, and to a mere €94 million in 1999.
Egyptian Prime Minister Atef Ebeid recently stated that he hopes to see a significant increase in the country’s foreign exchange reserve as a result of revenues incurred from new gas and oil discoveries.
"The Egyptian economy is enjoying remarkable stability after half of Egypt's debts have been dropped thanks to President Mubarak's efforts and his distinctive international relations" noted Ebeid. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)
