Economy

Egypt’s robust fundamentals – supported by a diversified economy, sustained levels of consumer spending and a large workforce – has created a dynamic business climate and helped further develop the economy. This has enabled the country to avoid some of the more severe repercussions of the Covid-19 pandemic faced by neighbouring nations. According to IMF forecasts, GDP is expected to expand from $402.8bn in 2022 to $584.9bn in 2026. While Egypt’s oil and gas sector has been a significant recipient of investment – attracting $74bn between FY 2014/15 and FY 2019/20 – the economy is diversified, with opportunities across multiple sectors. Industry was the largest contributor to the economy in FY 2020/2021, followed by retail, agriculture and real estate. This chapter contains a viewpoint with Mohamed Maait, the minister of finance.