Located at the geographic centre of the MENA region, Egypt has a well-documented history that has seen it accumulate knowledge and wealth over millennia. Egypt proved resilient during the Covid-19 pandemic: it was the only country in the MENA region to record positive GDP growth in 2020. Its economy has been widely driven by the execution of Egypt Vision 2030. This plan notably aims to increase annual GDP to 12% in 2030.
Egypt’s varied history, straddling multiple geopolitical and economic spheres, continues to shape the country’s development. However, this does not come without challenges. Food security uncertainty stemming from Russia’s invasion of Ukraine in early 2022 is a particular headwind, in combination with associated issues like inflation and foreign exchange risk. Moreover, 29.7% of Egyptians still live below the official poverty line.
The government has taken action as part of wider efforts to tackle this issue. Indeed, it has sought to improve health care access and increase economic support for low-income Egyptians. For example, Egypt plans to roll out universal health insurance for households living below the country’s official poverty line, an initiative set to be fully implemented by 2032. Moreover, the government recognises the importance of maintaining robust consumer spending: it announced it would set aside LE2bn ($1.3bn) in public funds to guarantee mortgages and consumer loans to stimulate lending.
Alternative approaches: Hussein Abaza, CEO, Commercial International Bank, on green bonds,...
Targeted approaches: Ayman Kandeel, CEO, AXA Egypt, on leveraging innovative solutions to increase...
Racing ahead: Adel Hamid, CEO, Telecom Egypt, on using technology to drive digital transformation...
Transforming transit: Ramy Salah Eldeen, Managing Director, Alstom Egypt, on modernising rail...
Explore any of the chapters below to select an article.
Stay updated on how some of the world’s most promising markets are being affected by the Covid-19 pandemic, and what actions governments and private businesses are taking to mitigate challenges and ensure their long-term growth story continues.
Register now and also receive a complimentary 2-month licence to the OBG Research Terminal.
Register Here×
