Oxford Group expects bright outlook for Egypt’s economy

CAIRO – 19 March 2018: Positive macroeconomic indicators confirm that Egypt’s wide-ranging reform program is yielding results, Oxford Business Group (OBG) Editor-in-Chief Oliver Cornock said after launching a report about Egypt’s economic recovery.

“Efforts to garner economic stability are gathering momentum, with reductions forecast in both inflation and the budget deficit, while local production and exports are expected to rise,” Cornock added in a press release.

“The broader economic outlook of Egypt is ‘bright’, with growth evident in key sectors and higher levels of appetite for investment,” Cornock anticipated.

“The upcoming presidential election will inevitably generate an element of ‘uncertainty’,” he added.

OBG’s regional editor for Africa, Souhir Mzali, agreed that Egypt’s recovery was gaining ground, according to the release.

“While a challenging economic environment has necessitated difficult decisions to be made relating to monetary policy, fiscal management and revenue generation, those measures are already beginning to deliver results,” she said.

Mzali stated that OBG’s research suggests that investors are returning to a market that has long been known for its strong fundamentals and are keen to play a part in its revival.

OBG’s report, titled “The Report: Egypt 2018”, focuses on the efforts carried out to enhance the country’s business environment, partly thanks to the introduction of measures aimed at streamlining licensing procedures and operations.

The report contains an interview with President Abdel Fatah al-Sisi, alongside a detailed sector-by-sector guide for investors, in addition to presenting other profile personalities, including Minister of Investment and International Cooperation Sahar Nasr and Minister of Communications and Information Technology Yasser Al-Qadi.