Dr. Bilal Shaib, an economic expert, emphasized that Fitch Ratings’ upward revision of Egypt’s growth outlook reflects the success of the country’s comprehensive economic reforms. He described the positive forecast as an international endorsement of Egypt’s economic trajectory.
Shaib explained in a phone interview with Extra News that the shift from a fixed to a flexible exchange rate policy significantly boosted foreign remittances and attracted foreign direct investment (FDI), helping foreign currency reserves surpass USD 50 billion. He praised the central bank for restoring stability to the foreign exchange market and curbing inflation, which has shown signs of gradual decline.
The economist highlighted Egypt’s ambition to elevate export revenues to USD 146 billion by strengthening productive sectors such as manufacturing and agriculture, leveraging international trade agreements, and continuing to draw FDI, which exceeded USD 46 billion by the end of 2024.
Shaib noted Egypt’s strategic geographic position as a gateway to Africa’s promising markets, combined with strong global trade ties and advanced infrastructure, enhances its appeal as an investment destination. These factors, he said, collectively create favorable conditions for sustainable economic expansion.
He concluded that the benefits of these reforms will reach ordinary citizens through job creation, increased availability of goods, price stability, and improved living standards. Sustained reform and development efforts, he stressed, remain essential for achieving long-term economic prosperity.
— news from اليوم السابع