How can egypt improve its economy

Some billion pounds will be earmarked to carry out the project over the next 3 to 4 years. Also, 75 billion pounds were channeled in the new budget to carry out Decent Life initiative in the countryside.

The Finance Ministry seeks within the coming few years to proceed with the implementation of economic reforms and improve financial indicators gradually so that the budget deficit would decline to 6.

Egypt's economic reforms back national economy in face of challenges BY. Economy Index - Pixabay. CAIRO - 22 June Since President Abdel Fattah El Sisi assumed post seven years ago, the financial sector in Egypt managed to achieve consecutive successful achievements that were highly praised by international rating institutions. Egypt economy Sisi. Comments 0. Leave a Comment. Be Social. Private consumption will remain the main growth driver.

Egypt must maintain its reform momentum to dynamize the private sector and enhance inclusive growth. Monetary policy should remain accommodative in , as inflation is expected to increase only moderately. Liberalization of the capital account in attracted foreign investors to the domestic debt market. But the pandemic caused a significant reversal of capital flows, which put pressure on reserves and the current account.

Total public debt is projected to increase to Egypt must further lengthen the maturity of its debt and diversify its investor base to manage its refinancing risk and mitigate its rollover risk. There are a number of ways in which supply chain systems can be rebalanced and renewed.

One such route is going local or even hyper local, which becomes a practical necessity when mobility is threatened and borders close. This is an important route as it means that local farming systems can be strengthened and a market for domestic and regional consumption becomes available.

New agricultural technologies such as hydroponics farms for point-of-sale food production and expanding sustainable food distribution could be explored here. In the UAE for example, Majid Al Futtaim has worked with the government to establish a network of 6, local farmers to secure a sustainable supply of fresh produce.

At the same time, this initiative will create jobs and open new distribution channels and growth opportunities for the farmers — in the UAE and beyond. Egypt could well consider a similar model that ensures food security and generates a steady stream of employment to the agrarian industry and the myriad supply chain networks that support it.

The second route that I would encourage is strengthening supply chain and manufacturing capacity, in collaboration with experienced Chinese firms. Such partnerships build on the positive ties that already exist between the two economies, notably in relation to the Belt and Road Initiative BRI , but also more broadly. Egypt has successfully diversified its economy and it already produces a wide range of agricultural, pharmaceutical and manufacturing products.

With the right government and fiscal incentives for private investment, and in alliance with like-minded partners, these activities could be expanded to build resilient regional supply chains across the Middle East and Africa. Business Process Outsourcing BPO has long been the domain of countries like India and the Philippines with their young, educated and English-speaking population.

Today, the BPO industry has acquired even greater impetus, given the need for businesses to identify smart solutions to optimize cash and preserve working capital, but without compromising on quality. With its young, technologically savvy and well-educated workforce , Egypt could capitalize on this trend to counterbalance the economic repercussions of COVID Native Arabic gives Egyptian workers natural access to million Arabic speakers around the globe, including its home market.

Growing language skills could also broaden the appeal to other markets. The first global pandemic in more than years, COVID has spread throughout the world at an unprecedented speed. At the time of writing, 4. As countries seek to recover, some of the more long-term economic, business, environmental, societal and technological challenges and opportunities are just beginning to become visible. Vodafone expects to expand the 7,strong workforce further following the acquisition. By taking a more strategic approach to the BPO sector and reinforcing the investor-friendly credentials of the country, the Egyptian government can expect to receive both interest and investment.

By creating the frameworks that support and strengthen this industry, manifold benefits will be created for corporates, customers and a young, employment-hungry workforce.