The European Bank for Reconstruction and Development (EBRD) expected a remarkable improvement in growth rates in Egypt and the southern and eastern Mediterranean (SEMED) region.
In a report titled "Regional Economic Prospects", the EBRD foresaw a 4% growth rate in the SEMED region in 2015 to move up to 4.3% in 2016.
Egypt has benefited from the political reforms it adopted and some financial facilitation funded by Gulf Cooperation Council states, the EBRD report, of which MENA obtained a copy, said.
Growth rates in Egypt during the first half of 2014-2015 reached 5.5% compared to 1.2% in the preceding year backed by the high private consumption and investment rate, it added.
Egypt's growth rate increased to 4% in 2015 against 2.2% in 2014 and is forecast to hit 4.2% in 2016, it said.
However, unemployment rates remain high between 10% and 15%, it added.
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