3 global crises shook the international economy

Finance Minister Dr. Mohamed Maait said, during a seminar entitled: “The Egyptian Economy Amidst Challenges,” that Egypt, with its wise political leadership and national institutions, is able to overcome all global adversities and crises. 

He pointed out that President Abdel Fattah El-Sisi was able to end the intractable and accumulated crises for many years with radical solutions, most notably the energy crisis, so that Egypt became attractive to investments, with a strong infrastructure capable of absorbing productive activities. 

He explained that there are 3 consecutive, successive and overlapping crises that caused a violent shake-up in the structure of the global economy, namely:

• The repercussions of the Corona pandemic.
• The negative effects of the war in Europe.
• weather changes.

Difficulty accessing international markets

The Minister of Finance said that these crises together imposed unprecedented challenges, represented in the disruption of supply and supply chains, and a sharp inflationary wave that was reflected in the rise in global prices of food and fuel commodities, and the cost of financing, until the financing gap became increasing for emerging economies with difficulty in accessing international markets.

green economy

He pointed out that climate change imposes huge financing burdens on developing countries to shift to a green economy, in light of complex exceptional global conditions.

The Egyptian economy

The minister said that the Egyptian economy has become more diversified and inclusive In a way that makes it possess the ability to absorb internal and external shocks with a great deal of flexibility, pointing out that we entered the Corona crisis with a strong performance that is the result of a comprehensive and successful national program for economic reform initiated by President Abdel Fattah El-Sisi, and supported by the Egyptian people, and we recorded positive growth rates of 3.3% and 3% 6% during the two years of the "pandemic", and although we were affected by the war in Europe, we initiated a proactive package;  To reduce inflation imported from abroad, and to enhance social protection for citizens, especially the most vulnerable groups.