According to the Economist, Egypt ranked third in terms of global economic growth.
The Egyptian Council of Ministers Media Center announced on Saturday that Egypt was ranked the third Fastest Growing Economy on the Economist’s list “The fastest growers and biggest shrinkers of 2019”.
Egypt has achieved a growth rate of 5.6% during the first quarter of the year 2019, while China comes first with a growth rate estimated at 6.4%, followed by India with 5.8%.
In addition, the Philippines ranked fourth with an economic growth rate of 5.6%, followed by Indonesia with 5.1%, and Poland with 4.7%.
A chart, attached with the report, also monitored countries that experienced a decline in economic growth rates. Argentina topped the biggest shrinkers with a decline of -5.8%. Turkey followed by -2.6% and finally Italy recorded a -0.1% decline in growth rates.
It is noteworthy that the Egyptian government began on July 1 the implementation of the largest state budget in the history of Egypt for the fiscal year 2019-20. The number of expenditures was reported at EGP 1.6 trillion, an increase of EGP 150 billion compared to the previous year’s volume.