Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

IDSC Releases Egypt Through Eyes of World 2022 Report

Mon 27 Feb 2023 | 06:47 PM
Ahmed Emam

The Cabinet's Information and  Support Center (IDSC) released on Monday the annual report Egypt through the Eyes of the World 2022.

The fifth issue highlights the improvement of Egypt's performance in several development fields last year according to indices and reports issued by 60 international and regional institutions. 

The international indices and reports, included in the report, showed the resilience of the different sectors of the Egyptian economy despite the global geostrategic crisis impacting the global economy.

The report is divided into 4 sections: Economy, Digital Transformation and Entrepreneurship, Society, and Environment. The first focuses on the Egyptian economy's resilience and capacity during addressing consecutive crises. 

The second highlights the digital transformation efforts and the future of startups in Egypt. 

The third concentrates on the human and social development efforts and Egypt's international role, while the fourth section points out Egypt's efforts to confront climate change in light of hosting COP27.

In the Economy section, the report confirms that the international institutions commended the Egyptian economy's capacity to confront global economic crises such as COVID-19 pandemic, the global supply chains crisis, and the negative repercussions of the Russia-Ukraine crisis. 

Despite these challenges, the Egyptian economy achieved a growth rate of 6.6% in 2022. Egypt is also expected to attract investments worth USD 22 billion in the next period.

In addition, the Egyptian hotel sector made a quantum surge in the last year, qualifying Egypt to top the African countries in regard to hotel projects in 2022.

In addition, the indices related to the external sector and foreign exchange sources witnessed some development. Egypt also progressed in travel, tourism, automotive industry, and smart industry indices.

Thus, the world's trust in the Egyptian economy was regained, influencing the recovery of the foreign investment rates on the medium term.

In the Digital Transformation and Entrepreneurship section, the report mentions that Egypt is among the top 3 countries capable of attracting investment to startups in MENA. 

Total of 11 Egyptian startups attracted investments worth roughly USD 508.5 million in 2022. According to the World Bank, Egypt advanced 42 ranks in the GovTech Maturity Index during 2022 to secure a place in the highest category countries list (A).

Moreover, Egypt jumped 34 ranks in Integrated Index for Postal Development (2IPD) 2022. 

Five Egyptian companies were listed among the top 25 FinTech companies in the Middle East in 2022, reflecting the significance of the efforts made in developing services.

The Economist Intelligence Unit confirms the development of the internet in Egypt by its 4-rank progress in the Inclusive Internet Index 2022.

In the Society section, the report states that Egypt advanced in the Global Soft Power Index, for the third consecutive year, from the 38th rank in 2020 to the 31st in 2022. 

Egypt is also one of the top 8 African countries in the SDG Index. It also progressed in the Human Development Index (HDI) as it ranked the 97th this year after advancing 19 ranks. 

Regional and international institutions highlighted the support Egypt has provided to the local social protection network, the allocations of which amounted to EGP 321.3 billion in the budget of 2021/2022. 

Additionally, Egypt acquired advanced ranks in numerous international education and scientific research rankings.

In the Environment section, the report alludes to Egypt's hosting of COP27 in Sharm El-Sheikh, which culminated Egypt's exerted efforts over the last years to bring about a paradigm shift in energy and environment conservation in coincidence with unprecedented national projects.

Egypt leads many regional lists in electricity generation from wind and solar energy. 

It has also expanded its efforts in green hydrogen, especially inside the Suez Canal Zone.

It topped the Arab countries in the hydrogen production projects with around 23 projects in 2022, proving Egypt's ability to diversify its resources and conserve and safeguard its resources while considering the citizens' future needs.