Egypt’s economic reforms are improving business, investment climate

The World Bank issued on Tuesday an economic monitoring report on Egypt, which said that the country's economic reforms are a step towards achieving economic stability and restoring trust in the economy.
The reforms, especially the legislative ones, have led to an improvement in the business climate and are attracting private investments, the report said.

The report also noted that the pillars of the upcoming phase of the economic reforms are achieving macro-economic stability, offering more private sector partnership in the economy, creating more job vacancies, and improving living standards.

“The economic reform programme makes investments and exports the essential engines for economic growth instead of consumption. So, Egypt’s economy has grown by 5.3 percent in FY 2017/18 compared to 4.2 percent in FY 2016/17, with an average growth rate of 3.5 percent from 2013 to 2016,” the report said.

The private sector has become, for the first time since FY 2008/09, contributed to GDP growth by 1.3 percent, while overall investments contributed to GDP growth by 2.4 percent of a total GDP growth of 5.3 percent.