Chairman of Stock Exchange: IMF Expects Egypt to Achieve High Growth Rates in 2023

Ramy El Dokani, Chairman of the Egyptian Stock Exchange, said that the global financial markets witnessed one of the worst periods of decline as a result of the Russian-Ukrainian war and its negative consequences on the global economy.

He added that the events led to a rise in the prices of most basic commodities with the outbreak of the war, which caused inflation rates to rise to record levels.

El Dokani indicated that the major central banks across the world raised interest rates, which led to a negative impact on global financial markets, especially emerging markets.

And he went on to say, during the Stock Exchange Harvest Conference 2022, yesterday, Tuesday, that the Egyptian economy, like the rest of the world’s economies, was subjected to two successive shocks, namely the Corona crisis and the Russian-Ukrainian war, which had negative effects on the Egyptian Stock Exchange, including a decrease in net foreign reserves from $ 41 billion in February. 2022 to 33 and a half billion dollars in November 2022, as a result of the exit of foreign investments from “hot money” securities portfolios, at a value of 18.5 billion dollars during the first half of 2022.

He explained that despite the crisis the world is currently witnessing, the IMF expects Egypt to achieve high growth rates compared to its counterparts from emerging markets in 2023, after a package of measures was taken by the government to confront the crisis.