The Egyptian Central Bank has kept overnight interest rates on hold since current levels are supporting the economy’s recovery and inflation is within its “comfort zone.”
The financial downturn affected Egypt’s export-oriented sectors like manufacturing and tourism, which slowed the country’s GDP growth to 4.5% in 2009, according to the CIA World Factbook. The government will need to restart economic reforms to bring in foreign investment, boost growth and improve economic conditions for its citizens.
The unemployment rate stood at 9.7% by the end of 2009. Inflation topped off at 10.1%.
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Max Chen contributed to this article.