Egypt’s economy in 2024 has been at a crossroads, grappling with persistent challenges amid potential opportunities. The country has contended with inflation and mounting foreign debt while persevering with ongoing structural reforms in its pursuit of stability and growth. Egypt’s economy showed signs of recovery, with a growth forecast of 3.2 percent for 2024 and an expected increase to 4.2 percent in fiscal year 2024/2025, according to Fitch Solutions. While inflation rates have remained high, with a slight increase from 26.2 percent in August to 26.4 percent in September 2024, it is significantly lower than 38 percent achieved the previous year thanks to improved financial inflows and increased investments. Such investments include partnerships, following strengthening economic ties, with Gulf Cooperation Council (GCC) countries, notably Saudi Arabia and the UAE, securing investments in energy, real estate, and logistics. Other partnerships include enhancing economic integration and promoting intra-African trade in cooperation with the African Continental Free Trade Area (AfCFTA). In another significant diplomatic shift, Egypt has become a full member of the BRICS economic bloc, which is an association of five major emerging economies, with its name being an acronym of the…
