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Osama Kamal: Egypt's economy withstands test
Economic analyst Osama Kamal confirmed that the Egyptian economy successfully passed the "stress test" during the recent war wave in the Middle East. He noted that the economic system faced significant pressures, including the exit of investors, currency devaluation, and rising energy prices. He pointed out that the International Monetary Fund (IMF) stated that the Egyptian economy endured beyond expectations, despite a significant drop in foreign investments in government debt instruments—from approximately $39.11 billion in February to $22.2 billion in April—meaning around $17 billion withdrew within a few weeks. Kamal explained that this decline was swift due to the nature of these investments, which are quickly impacted by geopolitical risks. However, as stability was restored, foreign investments gradually returned, and the Egyptian pound appreciated by 14-17% after its decline. He clarified that the flexibility of the exchange rate helped absorb the shock, and the crisis did not significantly spread to other sectors of the economy. The GDP growth rate reached 5% in the third quarter, and the tourism sector and remittances from Egyptians abroad continued their positive performance.
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