Egypt economy to grow under 2 pct in 2012: Central bank

Reuters, Sunday 17 Jun 2012

Bank governor gives a gloomy forecast for the rest of the year, pointing to the upheaval caused by the revolution

Egypt market
Egyptians shop at a vegetable market in Cairo (Photo: Reuters)

Egypt's economic growth will slow to under 2 per cent this year from 2.5 per cent last year because of political turmoil, the country's central bank governor said on Sunday.

"We have a revolution," Farouk El-Okdah told Reuters when asked why growth would slow. He did not elaborate.
Okdah was speaking on the sidelines of a meeting of officials from the Arab Monetary Fund and central banks in the region.
In April, the International Monetary Fund forecast Egypt's gross domestic product growth would slow to 1.5 per cent in 2012 from the 1.8 per cent which it estimated for 2011. 
Political uncertainty since the ouster of President Hosni Mubarak in February 2011 has stifled investment and hurt trade.
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