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Editor in Chief Mohamed Wadie

Economic expert: Reforms show positive results on economy


Thu 06 Sep 2018 | 11:28 PM
Taarek Refaat

Cairo, SEP 6 (SEE)- Economic expert Angus Blair said on Thursday that the recent fiscal reforms in Egypt have shown positive results on the economy.

This came during an interview with Capital Connection business programme on CNBC news channel.

Blair added that the two-year inflation wave started to shrink and the price rises will not last long, attracting more Foreign direct investment (FDI) to the country. "We see unemployment falling below 10% for the first time," he added.

He pointed out that the government is executing large-scale projects to generate more employment opportunities and to increase the gross domestic product (GDP). "The economy is finally back to normality," he said.

He noted that projects like the Suez Canal's economic zone, the new administrative capital, and the new Alamain are labor-intensive projects. "The projects intend to generate economic stability and increase the society's positive attitude towards national projects," he added.

Blair illustrated that the United States took an identical path after the global economic crisis in the 1930s to reduce unemployment and overcome the Great Depression.

He added that the private sector should further involve in the economic development process by implementing productive projects that will create an economic boom.