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The Financial Monthly October 2010 . Volume 5, NO.12

The Financial Monthly October 2010 . Volume 5, NO.12

The Egyptian economy proved to be resilient in face of the global crises, with real GDP growth reaching 5.2 percent for the FY 2009/2010, compared to 4.7 percent during FY 2008/2009. Egypt’s resistance to external shocks was partly due to the diversity of sectoral sources of growth, in addition to the timely intervention of countercyclical fiscal packages during FY 2008/2009 and FY 2009/2010. At the same time, monetary policy succeeded in bringing down domestic inflation rates without triggering negative effects on domestic economic activity. All of the afore-mentioned factors coupled with strong domestic demand helped Egypt sustain the drawbacks of the global crises.