This section provides an overview of Egypt’s geography, history, government, foreign relations, population and language, as well as a discussion of the most recent elections and some of the more prominent socioeconomic issues. The chapter includes a viewpoint from President Mohamed Morsy, along with interviews from William Hague, UK Secretary of State for Foreign and Commonwealth Affairs; and...
Egypt
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Chapter | Country Profile from The Report: Egypt 2012
Economic update | Egypt: Lifting the economy
4 Sep 2012
These may be tough times for the Egyptian economy, but healthy long-term fundamentals and sound monetary policy bode well for the future. Indeed, the decision by Egypt’s central bank to keep rates on hold is a clear sign of its policy of prioritising growth in 2012.
Banks may have to adopt a policy of caution over the coming months, waiting to see how the dust settles from Egypt’s long-running political turmoil and how the installation of Mohammed Morsi as head of state will affect the economy and their business.
Africa has undergone an economic transformation over the past decade. While there is wide variation among the continent’s markets, its frontier economies have been among the fastest-growing worldwide, in a trend that will likely continue over the next decade. That growth is unlocking opportunities in sectors new and old – one of the reasons why Africa offers one of the highest rates of return of developing regions.
With a large domestic market and a substantial local manufacturing base, Egypt’s auto retail sector is one of the largest in the Middle East and North Africa (MENA) region. Sales have been hit by the recent political instability and economic slowdown, but pent-up demand is expected to help the recovery accelerate from its currently sluggish pace. This will have a knock-on effect for the manufacturing sector, which is gearing up for resurgence.
Retailers in Egypt are keeping their fingers crossed for a broader stabilisation of the country’s economic and political scenes, following several months of upheaval and uncertainty that has dampened overall consumption.