Egyptian economy tipped to grow

Egypt's gross domestic product (GDP) could increase by as much as 6.8 per cent over the next year, experts have predicted.

Reuters carried out a poll of leading economists in order to determine how much the country's economy is likely to expand in the 2008-09 fiscal year.

The government has forecast an increase of seven per cent during this period, driven by continuing foreign direct investment in the nation.

However, analysts are slightly less optimistic, as the biggest estimate was of 6.8 per cent over the next year.

This suggests that the extent of economic growth in Egypt depends on a number of variable factors, such as the level of foreign investment in the market.

According to Property Wire, the north African country is becoming particularly popular with second home buyers from overseas.

This was said to be partly because of its favourable tax regime, as property owners are not obliged to pay stamp duty and capital gains tax.

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