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Egypt ranks 116 in Global Competitiveness

The World Economic Forum report stated that Egypt moved up in the rankings for the first time since the Arab Spring.
The World Economic Forum released the 2015/2016 Global Competitiveness Report. Egypt ranked 116 out of 140 improving from last year's assessment when it came at 119 out of 144.

This reflects a more positive assessment of the country’s institutions (87th). There were some improvements like in physical security (up by seven places although still, at 133rd, an important hindrance to economic growth), a more efficient judiciary in settling business disputes (up by 23 places), and better protection of property rights (up by seven).

Smaller improvements are registered on the macroeconomic environment and financial market development. The upward movement reflects recent reforms, including a reduction of energy subsidies, tax reforms, and a strengthened business environment, as well as greater political stability after years of turmoil.

Continued reforms are needed to create favorable conditions for private-sector growth, which will be crucial for job creation and hence social cohesion. These include more openness to trade and investment (130th on foreign competition), including reduction in tariff duties (132nd), non-tariff barriers (105th), and a more favorable environment for foreign direct investment.

Continued efforts to strengthen the financial markets (119th) and investment in skills and education (111th) will further support private-sector growth.

For more info about the report: The Global Competitiveness Report 2015-2016

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