The Economist article is void of objective analysis of Egypt’s economy

Ministry of Foreign Affairs spokesperson Ahmed Abu Zeid responded on Monday to an article released Saturday by The Economist which heavily criticised Egypt’s economic situation.

The statement, titled “The Ruining of The Economist”, claimed that the recently published article was void of objective analysis and defaulted to insulting Egypt’s president, Abdel Fattah Al-Sisi.

The Economist article claimed that Egypt’s economy is sustained only through funding from the Gulf states and military aid from the US. Abu Zeid said that this is far from the truth as US aid to Egypt declined in recent years.

Any credible economic analysis would recall that the country entered an economic crisis in January 2011 that has continued to inflict high financial costs to this day, continued Abu Zeid.

He pointed out that the country is planning to create a new economic model; however, endeavours such as this are never easy and take time. The spokesperson noted that the government has generated a comprehensive plan, Egypt’s 2030 vision, to tackle its macroeconomic imbalances and put the economy back on track.