Before the onset of Covid-19, Egypt’s economy was among the strongest performers in the MENA region, with a Reuters poll from January 2020 putting the country’s economic growth at 5.8% for FY 2019/20 and 5.9% for FY 2020/21. This is more than double the regional average for MENA, which the World Bank estimated at 2.6% for 2019/20.
With one of the biggest consumer markets in the region and robust fundamentals, Egypt is well placed to attract international investment and emerge from this difficult period in a strong position. Although the Covid-19 pandemic has caused considerable disruption, the government’s ongoing reform efforts have helped to mitigate the worst effects of the crisis.
As the global economy faces a significant downturn, funds in Egypt are looking to bolster the start-up ecosystem to ensure innovative firms are supported.
Several positive macro-economic developments gave the Egyptian economy a boost in 2019.
What are the ministry’s priorities with respect to restructuring the public sector, and taking steps to improve efficiency and boost profitability?
On August 6 Egypt received the sixth and final tranche of a three-year, $12bn loan programme from the IMF, and the country is now set to build on its legacy.
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