Economy

Since the election of President Abdel Fattah El Sisi in 2014, Egypt’s economic policy has been centred on reducing public sector costs and boosting private sector growth. Five years after Egypt began to implement a comprehensive reform of its economy, the nation’s macroeco-nomic indicators are showing sustained improvement. However, while accelerating growth and a narrowing fiscal deficit have vindicated the government’s auster¬ity measures, a high inflation environment continues to place pressure on the budgets of ordinary households. Looking ahead, the IMF estimates that GDP will grow by 5.5% in 2019 and 5.9% in 2020, powered mainly by a recovery in tourism and rising natural gas output. While the macroeconomic outlook is positive, the challenge of maintaining the support of a population that has yet to feel the benefits of economic reform remains. This chapter contains interviews with Sahar Nasr, Minister of Investment and International Cooperation; and Tarek Tawfik, President, American Chamber of Commerce in Egypt.