Export competitiveness to affect Egypt: World Bank

CAIRO – 9 September 2019: “Egypt is vulnerable to external shocks, and its open to global market, for example, the global oil price affects Egypt, the work force abroad and many other factors,” Senior Economist at the World Bank Hoda Youssef said during Euromoney conference.

Youssef stated that in conclusion Egypt would be affected by global market, adding that the government made many reforms, like consolidation reforms. “The external changes don’t have to be sudden to trigger the negative impact on Egypt.”

The senior economist elaborated that exports competitiveness and FDI are two factors that Egypt will be affected by, adding that investors think of Egypt as a big market due to its population

Egypt needs to work on some issues, for instance, it takes 35 days in Egypt to clear customs at the borders, while it takes other countries in the region 9 days, according to Youssef.

“The state shall be a regulator and maintain competitive neutrality, which means the private and public sectors face the same regulations, laws, taxes and facilities,” Youssef noted.

She further referred that Egypt will do better if the private sector is more mobilized.