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The success of the Egyptian economy in front of the Corona pandemic is behind Forbes choosing Egypt as the third strongest Arab economy


Dr. Hisham Ibrahim, Professor of Finance and Investment at Cairo University, said that Forbes’ choice of Egypt as the third strongest Arab economy is due to the economic reform program implemented by the government in 2016, through the liberalization of the exchange rate and the gradual lifting of subsidies on fuel and electricity, stressing that His success helped Egypt withstand the Corona pandemic, so that Egypt entered the Corona virus crisis while enjoying a strong economic situation.

 

Ibrahim confirmed to “The Seventh Day” that the success of the program strengthened the strength of the Egyptian economy and gave the government an opportunity to move quickly and efficiently at the onset of the Corona crisis.

 

The professor of finance and investment stressed that the government dealt professionally with the Corona crisis, so that 100 billion pounds were allocated to confront the crisis, in addition to social protection programs and support for irregular employment in the sectors that were affected, and the number of beneficiaries reached 1.6 million.

 

Ibrahim pointed to the praise of international institutions, for the strength of the Egyptian economy, which is one of the few countries that were able to maintain economic stability, and achieve positive growth rates in light of the pandemic, noting that Egypt, according to the International Monetary Fund for the year 2020, is one of the fastest economies in the world, and the second country At the level of the Arab countries in terms of gross domestic product of 360 billion dollars, and a growth rate of 3.6%.

 

Egypt ranked third in the Arab world this year, as the largest and strongest Arab economy, which is measured by what each country's domestic product represents, according to the American magazine Forbes Middle East.

 

Forbes expected, in a report, that Egypt's GDP would rise to $394.3 billion in 2021, compared to $361.8 billion in 2020.

 

The International Monetary Fund had praised the performance of the Egyptian economy in light of the Corona crisis, and said in the last review papers of the credit preparedness program that Egypt had entered the Corona virus crisis and was enjoying a good economic situation thanks to the reforms it had implemented since 2016, and was able to reach a balance between targeted spending to protect expenditures In the health and social sector and between achieving financial sustainability while rebuilding international reserves.

 

The International Monetary Fund expected that the gross domestic product (GDP) growth would reach 2.8 percent in the fiscal year 2020/2021, to rise, achieving a growth rate of 5.2 percent in the fiscal year 2021/2022.

 

According to the American Forbes, about the largest and strongest Arab economies, which is represented by the GDP of each country, Saudi Arabia retained the first place in the list of the largest Arab economies for the year 2021.

 

And it expected its GDP at current prices to reach $804.9 billion by the end of this year, despite the fact that its economy was affected by a double crisis represented by the Corona Virus pandemic and the collapse of oil markets, as its GDP recorded $701.5 billion in 2020.

 

The UAE ranked second in the Arab world, with a gross domestic product of $401.5 billion in 2021, compared to $354.3 billion.

 

Meanwhile, Iraq came in fourth place with $190.7 billion in 2021 and $172.119 billion in 2020, and Qatar maintained its fifth position this year as its gross domestic product will reach $166 billion this year, compared to $146.1 billion in 2020.

 

It is noteworthy that six Egyptian companies were among the Forbes list of the 100 most powerful companies in the Middle East for the year 2021: Forbes magazine listed six Egyptian companies, namely: Commercial International Bank, Orascom Construction, Talaat Moustafa Holding Group, Telecom Egypt, El Sewedy Electric and Eastern Tobacco, among its list of the 100 most powerful companies in the Middle East In terms of value and profitability during 2021.

 

The total market value of the companies on the list rose to $3 trillion last year, despite a 39% drop in their consolidated net profits. Saudi Arabia dominated the list with 37 companies, followed by the United Arab Emirates and Qatar.

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