The Arab Investment & Export Credit Guarantee Corporation (DHAMAN), an autonomous Arab supranational organization, has forecasted Egypt ’s GDP growth rate will rise to 3.3 percent in 2014.
In a report issued on Wednesday, the organization said the foreign cash reserve’s ability to cover the imports will continue to improve in 2014.
However, the report explained that the unemployment rate compared to the local workforce will continue to increase, reaching 14.3 percent next year in comparison with 13.6 percent in 2013 and 12.3 percent in 2012.
Foreign cash is expected to increase in 2014, reaching US$21.5 billion, compared to around $17.5 billion in 2013 and $15.2 billion in 2012, according to the report.
The foreign debt will also increase in 2014, reaching 18.4 percent, compared to 15.9 percent in 2013 and 13.4 percent in 2012.
Edited translation from Al-Masry Al-Youm