Egypt shows early signs of economic stabilisation amid global headwinds: HSBC
Simon Williams, HSBC's chief economist for Central and Eastern Europe, Middle East and Africa (CEEMEA), and Helen Belopolsky, the bank's global head of geopolitical risk, presented their outlook on Egypt's economy to clients and stakeholders during a series of exclusive briefings held last week at HSBC Egypt's Head Office.
"Inflation is stabilizing, the currency is holding, the budget deficit is easing, and interest rates are starting to fall. But while this means Egypt's rebalancing is now well underway, ongoing policy discipline will be key to complete the process, particularly with Suez revenues, the energy sector under pressure, and geopolitical risks still unresolved," Williams said.
'As global geopolitical dynamics continue to evolve, it is increasingly important for the businesses to adapt to persistent volatility, with Egypt's reform program well underway, the country is strongly positioned to capitalize on the opportunities emerging from today's shifting geopolitical landscape,' Belopolsky added.
Todd Wilcox, HSBC Egypt deputy chairman and chief executive officer, commented, 'The fundamental opportunities in Egypt have shifted. Liquidity in the market is improving, and trade flows are starting to shift. New investors see Egypt as a manufacturing hub; this will help boost exports and reduce future foreign currency (FX) risk. For 44 years, HSBC has been a trusted partner to businesses in Egypt, and our commitment to their growth and success remains steadfast.'
Addressing nearly 100 business leaders and clients in Cairo, Williams and Belopolsky emphasized that despite ongoing geopolitical headwinds, Egypt is showing early signs of economic stabilization.
They noted that the country is currently halfway through an economic adjustment phase, supported by political stability and rising regional opportunities, which together are laying the foundation for renewed momentum.
The briefings also served as a forum for participants to exchange perspectives on navigating the shifting global and regional landscape.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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