The Egyptian economy continued to grow despite the sharp decline in most of the world’s economies

Dubai, June 14 / Asha / The Franklin Templeton Foundation “one of the largest investment management companies in the world with a volume exceeding 1.5 trillion dollars” confirmed that the Egyptian economy succeeded in achieving growth rates despite the sharp decline in most economies around the world.
Basil Khatoun, director of investments in the Middle East, North Africa and developing markets at (Franklin Templeton) said – during a virtual international conference of portfolio managers and international investment funds, today, in Dubai – that the Egyptian pound has also succeeded in maintaining the stability of its value to a large extent supported by subjected inflation rates. For control and strong international reserves with the Central Bank of Egypt.
He added that the strong fundamentals of the economy and the attractive valuations of the Egyptian market support the positive vision for investment in the Egyptian market, despite the fact that low liquidity posed a challenge to the market.
He pointed out that wise public closure policies and intensive operations to launch vaccines worldwide contributed to paving the way for the return of daily life to normal in the Middle East and North Africa, and is likely to accelerate the economic recovery in the region, pointing out that crucial financial and economic reforms, along with pumping Timely liquidity, boosting GDP growth in 2021 to 2.7% in the Middle East and North Africa.
He expected the economies of the Middle East and North Africa to witness stronger growth in 2022 to 3.8%, with the rise in crude oil prices and the activation of spending plans for ambitious projects to continue this upward trend.
The director of Middle East and North Africa investments and developing markets at Franklin Templeton pointed out that the youth group in the Middle East and North Africa, who enjoy high productive potentials, contribute to increasing levels of demand for consumption in the long term.
He explained that with the availability of an active base of young and tech-savvy consumers, it contributes to creating a supportive background for the growth of e-commerce in the Middle East and North Africa region, and this growth promotes strong Internet penetration rates in addition to high per capita income.
He cautioned that despite the rapid growth, the spread of e-commerce in the Middle East and North Africa is still relatively low compared to developed and emerging countries, and expectations indicate that several years have passed for e-commerce levels in the region to catch up with developed countries.
Khatoon explained that 2020 was a challenging year for the MENA markets, but we expect a strong recovery in corporate earnings in 2021 and 2022 to support current valuation levels.
He stressed that the availability of the elements of a resilient economy, accompanied by continuous reform programs and vaccination campaigns against the Corona virus, enhance the positive future outlook for growth.
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