Minister of Planning and Economic Development Hala el Saeed said there is an urgent need to deepen cooperation among countries as well as between the public and private sectors. Such cooperation would provide enhanced adaptability and resilience to future shocks, she added..
Saeed made the remarks during her participation in a session dubbed “Between Liquidity and Fragility: Reforming in MENA”. The session was held on the fringes of the World Economic Forum (WEF) 2023 in Davos.
The minister pointed out to the challenges being experienced by the entire world and the unprecedented state of uncertainty that prevails.
The repercussions of these challenges on emerging countries will be more severe, Saeed said, noting that frequent shocks to the global economy have constrained the ability of emerging countries to take the necessary measures to limit the effects of these challenges on their economies and societies.
The shocks have also constrained the follow-up of development agendas as well as continued progress towards addressing key issues, the minister added.
She noted that the Middle East and North Africa (MENA) region is highly vulnerable to rising inflation coupled with global recession.
The minister said Egypt is facing some difficulties, specifically the foreign exchange crisis and high levels of inflation, yet the country with its abundant resources, heritage and talents is still positioning itself as a promising investment and tourism destination.
In this regard, she noted that Egypt offers unique competitive advantages for investors.
Source: State Information Service Egypt