Egypt’s economy powers ahead

With a government committed to following through with tough economic reforms and a population approaching 100 million people, Egypt is widely viewed as one of the Middle East and North Africa’s key markets to watch. The country appears to have fully shaken off the confidence-sapping events that followed the 2011 revolution, in large part due to the government of Abdel Fattah el-Sisi following an IMF-backed programme of economic reforms.

Recent economic figures certainly back this up. Real GDP growth has strengthened over the past four consecutive quarters, climbing to 5.3 percent year-on-year in the second quarter of 2018, according to figures quoted in a report from Emirates NBD.

“We expect that the expansion will remain robust, forecasting an annual 5.2 percent this year, and 5.5 percent in 2018/19, compared to an average of just 3.3 percent over the previous seven years,” stated Daniel Marc Richards, MENA Economist at Emirates NBD. “The country’s IMF-sponsored reform programme is progressing as planned, and with much of the short-term pain now in the base, Egypt is set to reap the reward.”