Cover of The Report: Egypt 2022

The Report: Egypt 2022

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.


See also:

Video: Agriculture, energy and infrastructure drive economic growth in Egypt






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