Egypt's successful economic reform program led to current hikes in all economic indicators
- 08 October 2020 / News / 127 / Emerging Africa
CAIRO - 7 October 2020: Planning and Economic Development Minister Hala el Saeed said that Egypt has implemented a successful economic reform program, whose impacts are manifested in the current hikes in all economic indicators.
In a statement on Tuesday, the minister said that even after the outbreak of the coronavirus (COVID-19) pandemic that caused a significant decline in all indicators at the level of global economies, Egypt has managed to get through this, thanks to its home-grown economic reform program.
The remarkable improvement in the production activity is a result of Egypt's non-stop and genuine efforts that have been praised by many international organizations and institutions, she added.
On Monday, Bloomberg said that the non-oil private sectors in the Arab world’s three largest economies returned to growth in September, with Egypt seeing its first expansion in 14 months. Egypt PMI rose to 50.4 from 49.4 in August as consumer demand and export sales rebounded.
Business conditions improved despite continuing job losses as companies adjusted to the economic challenges of the global pandemic while governments eased restrictions to stop the coronavirus.
A measure of non-oil private sector activity in Saudi Arabia, Egypt and the United Arab Emirates rose last month above the threshold of 50 that separates growth from contraction, according to Purchasing Managers’ Index (PMI) surveys compiled by IHS Markit.
"The latest Egypt PMI data offered more optimism for businesses," said David Owen, economist at IHS Markit. "The non-oil economy is seeing a modest turnaround after the devastating impact of the Covid-19 pandemic," he added.
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