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Egyptian economy hits highest growth rate in 10 years

Egypt has hit its highest economic growth rate in a decade, but experts disagree about what it means for high prices in the country.
Finance Minister Mohamed Maait speaks during a news conference in Cairo, Egypt July 5, 2018. REUTERS/Mohamed Abd El Ghany - RC1942E21600
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CAIRO — Egypt’s Planning Minister Hala al-Saeed announced in a July 25 press conference that Egypt has achieved its highest economic growth rate in 10 years. In the 2017-2018 fiscal year, the growth rate reached 5.3% compared to 4.2% in 2016-2017.

Finance Minister Mohamed Maait said at a press conference Aug. 5 that the government aims to hit 7% economic growth by 2022. The Egyptian government’s aspirations do not seem far-fetched, according to economists.

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