Economy

Egypt’s GDP per capita of $3615 in 2015, according to the World Bank, is considerably lower than the world average of $10,058, and establishes the country as lower-middle income. The nation’s transition from an energy exporter to a net importer of gas has resulted in a stubborn current account deficit. Nevertheless, Egypt entered 2016 on the back of some encouraging economic data. According to the Ministry of Planning, real GDP for FY 2014/15 grew by 4.2% at market prices, the most rapid rate of expansion since the 2011 revolution. Improving Egypt’s investment credentials will remain a key concern for the government over the coming year, as it seeks to shift the burden of development from the state to the private sector. The promulgation of the new Investment Law will bring much-needed clarity to important investment factors such as free zones, tax exemptions and the purchase of state-owned land. In the short term, however, the government is likely to continue to face considerable economic challenges. 

This chapter contains interviews with Mohamed Khodeir, Chairman, General Authority for Investment; Anis Aclimandos, President, American Chamber of Commerce in Egypt; and Abdulwahab Al Bader, Director-General, Kuwait Fund for Arab Economic Development.