President Mohamed Morsi said Egypt's economy is recovering as it has witnessed positive indicators in the first quarter of the current fiscal year.

The growth rate in this quarter increased by 2.6 per cent, compared to a 0.3 per cent rise in the same period in the last year, he said before the Egyptian-German Business Forum.

Morsi said analysts, based on these figures, predict that Egypt will be among the top ten emerging economies in the world in the coming years.

He noted that analysts expected the growth rate in Egypt to hit a 3.8 per cent rise in the current fiscal year, adding it may hit an increase of 5.5 per cent next year.

We hope that the growth rate will soar to 8 percent over the next years, the President said.