Egypt: New republic, new reality
Amid the global pandemic-induced downturn, Egypt provides a bright chapter in the MENA region’s recovery story. Activity pertaining to the Suez Canal has much to do with the country’s economic resilience. Regardless of the pandemic, 10% of total global trade, 25% of containerised goods trade and 100% of seaborne container trade between Asia and Europe sail through this strategic choke point. With expansion ongoing, the canal will continue to be a prime source of revenue for Egypt. This week, we look at how:
Egypt’s growth is anticipated to reach 5.2% in 2022; this compares with the 3.3% forecast for 2021, and suggests that pre-pandemic momentum is returning.
Five years after the initial announcement regarding the creation of ‘New Cairo’, the first official meeting in Egypt’s new capital was held last month. However, construction plans are far from over.
FDI targets and international ambitions may mean that President Abdel Fattah Al-Sisi will have to shift his focus to diplomacy and domestic politics; the latter may well involve improving human rights.
Florence Eid-Oakden, Ph.D, Chief Economist
Leila Lajevardi, Sierene Ayman, Analyst
The Country Views series shines the spotlight on specific developments in MENA countries, analysing them from a local perspective to deliver forward looking views for businesses and investors.
To access this report, please click here.