A recent report by HSBC states businesses show “cautious optimism in Egypt and a willingness to adapt”.
A recent report by HSBC states businesses show “cautious optimism in Egypt and a willingness to adapt”.
Egyptian businesses reported adapting to the changing environment at 66 percent, 8 percent higher than the global average at 58 percent. 83 percent of businesses surveyed expect to return to pre-COVID levels by 2022.
Nine out of ten surveyed, or 87 percent, of Egyptian businesses are looking to increase investment in their businesses.
This may be spurred by the positive handling of the COVID-19 pandemic by the government, which continues to be optimistic on economic growth expectations.
Late last month, Finance Minister Mohamed Maait stated 2.8-4 percent growth is expected in FY2021-2022.
The Minister also noted during a meeting on Sunday, “Egypt is the only country in the Middle East and North Africa that retained its credit rating with a stable outlook during the COVID-19 19 crisis”.
He explained that the government’s economic reforms, strongly supported by the people and government officials, strengthened the economy against internal and external challenges, including the Corona virus.
More than half of Egyptian businesses (57 percent) surveyed by HSBC expect the changes introduced due to COVID to be short-term, with just 14 percent expecting changes to be permanent compared to 21 percent globally.
209 Egyptian businesses were surveyed between September and Early October.
