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Egypt ‘likely’ to miss economic growth target

Egyptian minister of planning and international cooperation, Ashraf El-Arabi has said the country’s economy is likely to grow less than the government’s target of at least 3% because of political turmoil, Bloomberg has reported. The minister said he hopes that gross domestic product growth will exceed 2% in the fiscal year that ends in June. The Egyptian economy has been hurt by political unrest and a wave of militant attacks since the military ousted President Mohamed Mursi in July. The government announced plans to boost public spending and the central bank cut its key interest rates three times in the second half of 2013 in a bid to spur growth.