S&P sees strong growth prospects in Egypt

S&P sees strong growth prospects in Egypt: Egypt’s economy is expected to expand by 5.3% in real terms in the current state fiscal year, ratings agency Standard & Poor’s said in a report. S&P’s outlook for the Egyptian economy remains stable, predicting the economy will continue to grow at a 5.5% clip over the next three years, according to a Zawya pickup of a report in the Saudi Gazette.

What’s driving growth? Pickups in natural gas exploration and production, manufacturing, tourism, and construction, S&P says. Better yet, the rating agency sees a “robust pipeline of projects,” increasing natural gas production and a rebound in tourism are all expected to attract greater FDI inflows in the near future. Sustained growth in construction will be supported by significant investments in infrastructure, including the New Suez Canal Economic Zone and the new administrative capital.