Dr. Amr Youssef, an expert in economics, finance and tax law, said that the Egyptian economy is facing many challenges and ambitions in the coming period.
Youssef said in an interview with RT that “the challenges facing the Egyptian economy are growing day by day as it faces direct and bitter confrontation with huge challenges, be it external, represented by imported inflation that began after the US Federal Reserve interest rates, and subsequent domestic measures to preserve foreign investment”. From the flight abroad, the crisis in food and energy prices through the Russian-Ukrainian conflict, as well as the confrontation with diseases, epidemics and the Corona pandemic, which has long mercilessly spread in light of the weak medical infrastructure, which has placed priorities on the attention and development of the medical sector.
Regarding domestic challenges, the economics and fiscal expert says they are “reflected in the high cost of external debt, which is still in a safe area compared to the rest of the world.”
Youssef noted that “Egypt’s biggest economic development challenge is the gradual growth of the population, which registers about one and a half million people annually, which means that the gap between the state’s basic needs for education, health and nutrition is widening, and what is required of it for comprehensive coverage those increases that adversely affect growth rates and render them of little value or benefit.
He added that “despite the government’s attempts to overcome the burden of this increase in terms of building schools and universities, preparing the health sector and providing basic commodities, it still faces a persistent problem as long as these population growth rates maintain their current rates and numbers.”
The Egyptian expert says: “We see the state moving in the manufacturing sector as it focuses on introducing new ways to import from abroad, especially documentary letters of credit.”
But these loans, Youssef said, “had been accompanied by problems and difficulties in handling them, forcing the state to reconsider these measures to ease the burden on producers and investors to achieve the $100 billion export dream.”
He added: “In order to truly develop, the state has recently shown interest in the renewable energy and natural gas sectors, the tourism sectors, small and medium-sized industries, and the creation of integrated industrial cities in partnership with the private sector. supporting it with incentives to attract direct investment in these important sectors.”
The economic expert explains that “it all culminates with the announcement by the Egyptian state of convening an economic conference, in which it calls on all stakeholders to discuss and identify strengths and support them, and to propose appropriate treatment for weaknesses and eliminate them.” in a serious attempt to bring out all opinions, provided they are serious and practicable.”