TAG: Egypt
With resource-dependent markets recovering from the commodity price shock and the Continental Free Trade Area signed off by 44 nations just last month, Africa’s growth prospects are bright. The UN has forecast GDP to grow by 3.5% in 2018, and sentiment among business leaders is equally strong. In OBG’s Business Barometer: Africa CEO Survey – which interviewed 1000 C-suite executives in nine African markets – 84% of respondents had positive or very positive expectations about local business conditions for 2018, while 74% said that their business was likely or very likely to make a significant capital investment.
Egypt has been through myriad changes since 2014 as the government has sought to introduce a wide range of legislative and regulatory reforms to restore economic order. Although the economy has struggled in recent years – with GDP growth averaging 2% per annum between FY 2010/11 and FY 2013/14 – indicators are finally resuming a more positive trajectory.
Egypt has been through myriad changes over the last few years as the government has sought to introduce a wide range of legislative and regulatory reforms to restore economic order. To that end, a new investment law easing bureaucratic restraints was adopted, a subsidy-reduction programme to cut spending was put in place and the Egyptian pound was floated. The results of Oxford Business Group’s second Business Barometer: Egypt CEO Survey show confidence among respondents, with around 73% claiming the flotation will have a positive or very positive effect on local business conditions in 2018.