Souhir Mzali: ALL BLOG POSTS
Since 2011 Egypt’s economy has earned more than its fair share of bad headlines. From dwindling foreign reserves and slowing growth to rising debt and a widening deficit, it has not been an easy few years for the local market. However, recovery has begun in earnest, with OBG’s recent survey of 62 of Egypt’s senior corporate executives revealing a striking bullishness. Three-quarters of respondents expect to make a major investment over the next year, for example, and 80% are upbeat about the local business environment.
Egypt has had a tough few years, but the results of OBG’s inaugural Business Barometer: Egypt CEO Survey suggest the worst is finally over.
While Egypt continues to face considerable economic challenges, the outlook is improving on the back of strong private sector activity and government reforms. New revenue enhancements have been put into place, while current spending is being curtailed and a long-awaited legal framework aimed at attracting new investment will soon be rolled out. Financial services, telecoms and industrial firms have benefitted from steady domestic demand, although there are plenty of obstacles to faster growth, including a troubled currency – the flotation of which, while seen as necessary, threatens to drive up inflation.