The Euromoney institution has announced that the Egyptian economy is going through a critical stage and faces tremendous challenges that will obstruct targeted growth, despite the fact that the government is carrying out structural reforms to reinstate confidence in the economy.
Victoria Ben, general manager of conferences of Euromoney in the Middle East, expects the global crisis of decline in oil prices, which started in January 2015, to continue in the coming period.
During a press conference to announce the "Funding the Future" annual conference Euromoney is planning in Cairo on September 7-8, Ben said on Tuesday that a limited global financial crisis is on the verge of appearing. This might affect emerging market economies, especially considering the Chinese economy has been witnessing large fluctuations recently. Ben did point out that she does not expect the crisis to be as big as the global financial crisis of 2008, however.
The recently improved levels of Egypt's credit rating by three global rating institutions (Fitch, Standard & Poor's and Moody) should nonetheless positively affect the economy and encourage foreign investors, said Ben.
The September conference in Cairo will be attended by 600 public figures from 20 countries, including businessmen, foreign investors and decision-makers from places such as Russia, the Gulf and Europe.
Edited translation from Al-Masry Al-Youm
