Euromoney: Egypt's Economy Went from Strength to Strength Whilst World Slowed Down

"Whilst the world slowed down, battling the economic headwinds of lockdowns and restrictions, Egypt went from strength to strength. Before the pandemic, Egypt’s government initiated a major fiscal spending programme, investing in infrastructure: cities; roads; monorails; bridges; tunnels and more," Euromoney Foundation said.

"The results of this investment were plain to see – the IMF forecasted 5.4% growth in 2022 and Egyptians looked set fair to benefit. But, out of a clear blue sky, another huge geopolitical and supply-side storm has hit," Euromoney added.

Egypt has moved fast to manage the impact - it devalued the Egyptian pound and entered urgent talks with the IMF. But will these emergency actions work? Can Egypt regain its momentum and course in a volatile and directionless global landscape? With COP27 in Sharm on the near horizon will the drive towards sustainability be maintained or must economic storms cause a rethink?"

Euromoney added in a statement that it will hold its 25th annual conference in Egypt on September 26 in the new administrative capital; With the aim of analyzing Egypt's economic performance and discussing its future strategy.

It stressed that the Egyptian financial sector enjoys good health and liquidity, supported by the reform efforts made by the Central Bank.

It added that before the "pandemic, the Egyptian government started a large financial spending program; As it invested in the infrastructure of cities, roads, bridges, tunnels and other projects, noting that the results of this investment became clear to all.

It noted that the International Monetary Fund expected the Egyptian economy to grow by 5.4% in 2022.

The last time the Euromoney Foundation held its annual conference in Egypt in 2019 under the title “How digital transformation will change the shape of the financial sector in Egypt,” with the participation of many ministers, officials, and local and international economists and financial experts, the conference focused on the changes taking place in the financial sector globally and locally. He also discussed the ability of digital transformation and the modern technological revolution to change the financial sector and financial transactions in an unprecedented way.

The conference addressed the extent of the importance of the modern digital revolution and its impact on the future of the Egyptian economy, while reviewing the methods and procedures that ensure the Egyptian economy achieve success within the framework of the new global financial system, which relies on advanced information and communication systems.

The Euromoney conference, which is being held this year under the title "The New Egypt … Investing in Sustainability", is an ideal opportunity to follow up on the latest developments in digital transformation in the financial sector. The conference is an important platform through which the most influential figures in the Egyptian banking sector and the most important innovators in the field of financial technology meet; To discuss ways to enhance Egypt's capabilities to achieve economic growth and recovery.

Euromoney is a global business-to-business information services company, with clients in more than 160 countries and more than 2,500 employees in North America, South America, Europe and Asia.