By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba at AmCham
    Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba
    March 20, 2023
    Could this be the year for Tobacco Harm Reduction?
    Could this be the year for Tobacco Harm Reduction?
    March 20, 2023
    Strong presence of Egypt’s real estate developers in MIPIM in Cannes
    Strong presence of Egypt’s real estate developers in MIPIM in Cannes
    March 20, 2023
    Raaed Developments launches ROOTS compound in New Sohag with EGP 1.8bn investment
    Raaed Developments launches ROOTS compound in New Sohag with EGP 1.8bn investment
    March 20, 2023
    Tatweer Misr signs MoU with Saudi Arabia to facilitate investment opportunities in Kingdom
    Tatweer Misr signs MoU with Saudi Arabia to facilitate investment opportunities in Kingdom
    March 20, 2023
  • Politics
    PoliticsShow More
    Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
    Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
    March 21, 2023
    Chinese President Xi meets Putin in Moscow
    Chinese President Xi meets Putin in Moscow
    March 21, 2023
    UN envoy says solution "closest" to end political crisis in Sudan
    UN envoy says solution “closest” to end political crisis in Sudan
    March 20, 2023
    20 years on, George W. Bush’s promise of democracy in Iraq and Middle East falls short
    March 20, 2023
    Iraq 20 years on: researchers assess how US invasion shapes lives today – podcast
    March 20, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Changes and challenges awaiting the Egyptian economy in 2023
Share
Notification
Latest News
Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Politics
Chinese President Xi meets Putin in Moscow
Chinese President Xi meets Putin in Moscow
Politics World
Toyin Falola: 3 recent books that explain the work of Nigeria’s famous decolonial scholar
Culture
UN envoy says solution "closest" to end political crisis in Sudan
UN envoy says solution “closest” to end political crisis in Sudan
Politics
Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba at AmCham
Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Changes and challenges awaiting the Egyptian economy in 2023
Business

Changes and challenges awaiting the Egyptian economy in 2023

Daily News Egypt
Last updated: 2023/02/12 at 12:26 AM
By Daily News Egypt 4 Min Read
Share
Changes and challenges awaiting the Egyptian economy in 2023
SHARE

During the last period, the national economy was subjected to two crises, which resulted in the decline of economic activities and employment, and the interruption of supply chains, the COVID-19 pandemic and the Russian-Ukrainian war. They also led to a shortage of goods and an increase in inflation rates.

As a result of the continued impact of these crises, the Egyptian economy awaits a set of changes and challenges during 2023, which require the integration of financial, monetary, and trade policies, and the development of a clear road map and well-studied solutions with results by decision makers.

Challenges

• Managing the volume of external debt, which represents a great pressure on foreign exchange resources.

• The size of the domestic debt, the budget deficit, and the limited effectiveness of fiscal policies.

• Dealing with structural imbalances in the economy.

• Continued inflationary pressures as a result of the gradual rise in energy prices during the year.

• Adopting a flexible exchange rate policy in light of inflationary pressures and the need to raise the interest rate to achieve positive interest rates for deposit holders.

• The need to develop the productive structure and increase exports to deal with the balance of payments deficit.

• Restoring tourism to its normal levels after a relatively long period of limited number of tourists and its insufficient development.

Although 2023 is expected to be a difficult year, the government is expected to deal with these challenges seriously. This will be done by paying attention to industry and tourism, increasing exports and sources of foreign currency income, which will lead to the stability of the exchange rate of the Egyptian pound against the US dollar between EGP 25 and EGP 28 per dollar.

The government’s IPOs programme will enhance this stability, attract direct foreign investment, and increase the number of tourists. This year will witness the opening of the Grand Egyptian Museum and the state will take serious steps to complete the Trail of the Holy Family and improve the services provided to tourists in various places.

It is expected that interest rates will be raised in the first half of the year by about 3%, and then they will begin to decrease successively in the second half of the year.

The situation requires effective integration of various economic policies, and not leaving the Central Bank of Egypt and its monetary policies to work alone. We must also move quickly to deal with these challenges and provide incentives to attract foreign direct investments as soon as possible, as well as thinking about integrating Egyptians abroad as investors in the national economy. This can be done by establishing investment funds that achieve acceptable returns for them, as well as reducing taxes associated with the industrial process and investing in the Egyptian Exchange.

Dr Zakaria Salah – A banking expert

You Might Also Like

Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba

Could this be the year for Tobacco Harm Reduction?

Strong presence of Egypt’s real estate developers in MIPIM in Cannes

Raaed Developments launches ROOTS compound in New Sohag with EGP 1.8bn investment

Tatweer Misr signs MoU with Saudi Arabia to facilitate investment opportunities in Kingdom

TAGGED: Economy
Share this Article
Facebook Twitter Email Print
Previous Article Having a Budget for a Nonprofit Group
Next Article Press Syndicate starts receiving candidacy requests for midterm elections Press Syndicate starts receiving candidacy requests for midterm elections
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Politics
Chinese President Xi meets Putin in Moscow
Chinese President Xi meets Putin in Moscow
Politics World
Toyin Falola: 3 recent books that explain the work of Nigeria’s famous decolonial scholar
Culture
UN envoy says solution "closest" to end political crisis in Sudan
UN envoy says solution “closest” to end political crisis in Sudan
Politics
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?