IMF’s Senior Resident Representative, Reza Baqir, recently stated that Egypt is less affected by global economic challenges on Monday at the two-day Euromoney Egypt 2018 conference, Al Ahram reports. “The rise of protectionism by the United States started an additional concern that will affect every country. Countries with strong fundamental roofs like Egypt will be less affected as it is less reliant on external funding,” he noted. Baqir added that in countries like Argentina and Turkey, the economic stability is much worse, as both countries currently have the worst performing currencies in the world and hold a large stock of dollar-denominated debt. “We are very strongly trying to help the government to create jobs, which is a very high priority,” he also mentioned, noting that with further stability in the labor market, there will be more domestic investment. In a statement earlier this May, the IMF said that the labour force in Egypt is expected to rise by 20 percent, amounting to 80 million Egyptians, by 2028. “If this country can tap the potential of its young people, their absorption into the economy could boost growth into the range of…
‘Egypt Is Less Affected By Global Economic Crises’: IMF Official
September 5, 2018
