WorldAhmed Ezz, Steel Industrialist: Egyptian Economic Trends for 2022

Ahmed Ezz, Steel Industrialist: Egyptian Economic Trends for 2022

Ahmed Ezz, steel industrialist and former member of the Egyptian parliament, championed the rights of ordinary Egyptian citizens throughout his time in government. He played a critical role in driving important cost-cutting reforms, as well as promoting policy changes to move revenue way from the commercial and industrial sectors and redirecting funds so they could benefit the Egyptian citizens most in need. This article will identify Egyptian economic trends for 2022, outlining how the country’s healthy post-pandemic recovery has boosted the Egyptian economy and helped to drive growth in a variety of sectors.

According to predictions from the World Bank, the Egyptian economy looks set to grow by some 6.1% in 2022. Published in June 2022, the World Bank’s forecast was a revision of its April 2022 prediction of a 5.9% increase in the growth of the Egyptian economy throughout 2022. According to the World Bank’s updated World Economic Outlook report, the organisation anticipates that the Egyptian gross domestic product will grow by another 4.8% in 2023 and by a further 5% in 2024.

The World Bank’s updated World Economic Outlook report indicates that the Egyptian economy as a whole had seen stronger activity than first anticipated at the start of the fiscal year, driving its adjustment in growth predictions. Gita Gopinath, first deputy director general of the International Monetary Fund (IMF), had indicated back in January 2022 that the IMF’s expectations for Egyptian economic performance had improved, largely due to the Egyptian Government’s careful management of the COVID-19 crisis – particularly in the wake of the global outbreak of the Omicron variant. In fact, according to the IMF, Egypt was the only oil-importing country to actually achieve positive economic growth. Gita Gopinath explained that Egypt’s positive growth was largely thanks to proper management of post-COVID-19 repercussions and the release of positive economic data.

In May 2022, the Egyptian economy recorded an impressive 7.8% growth rate in the first nine months of the fiscal year (i.e. July 2021 to March 2022) compared with just 1.9% growth over the same period the previous year.

According the Hala El-Said, Egypt’s Minister of Planning, this was demonstrative of a noticeable improvement in all economic activities over those nine months, with leading growth sectors including the hotels and restaurants sector, which had seen a staggering 62.8% growth. In addition, there had been 16.4% growth in the telecommunications sector, while the manufacturing industry had risen by 10.3% and construction and building had grown by 8.2%.

To conclude, Hala El-Said indicated that the chemical and pharmaceuticals, food, household appliances and building materials industries had all grown, with a huge boom in industrial exports of plastic and chemical products and fertilisers amidst a rise in international prices.

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