xEgyptian Minister of State for Economic Development Osman Mohammed Osman expects a growth rate of more than 6 percent in the 2009-2010 fiscal year which ends next June, Egypt's MENA news agency reported.
In his statement on Sunday, Osman also forecast a growth rate between 7 percent to 8 percent in the 2010-2011 fiscal year.
The minister said a social and economic development plan follow- up report for the first quarter of 2009-2010 fiscal year indicated continued progress in the industrial, transport, trade, construction and communication sectors with high growth rates.
The Egyptian economy attained a growth rate of 4.7 percent in the 2008-2009 fiscal year, down from more than 7 percent in the previous year
due to the shrink of tourism and Suez Canal and expatriates revenues.
Since February, Central Bank of Egypt has cut the key interest rate six times, or 325 basis points to boost the economy.