An Economic Rebound in Egypt

The past four years in Egypt have wreaked havoc on the country and the ouster of former president Mohamed Morsi by the military in July 2014 in addition to the subsequent crackdown on dissent left many feeling that the political process has all but fallen apart. Despite the Egyptian leadership’s heavy-handed approach in dealing with political and security issues, President Abdel Fattah al-Sisi’s reform of tax and subsidy policies, among others, has breathed new life into investor confidence and offers hope for the rebound of a long-floundering economy.

Fred Jasins, a Senior Economic Researcher at the American Chamber of Commerce in Egypt, in his latest article on EgyptSource, takes note of the tremendous rebound in Egypt’s stock market that has now become one of the leading rallying markets globally.

Sisi’s reforms directly contributed to the upgrade of Egypt’s credit with the leading credit rating agencies, Moody’s and Fitch. The International Monetary Fund also threw its support behind these long-overdue policies. While the results of this year’s upcoming parliamentary elections and the outcome of an investor’s conference introduces some uncertainty, the response of the local and international business community has shown more confidence than ever before since the revolution.

Read the full article on EgyptSource: Signs of Investor Optimism in Egypt

Image: Photo: 2014Traders works on the floor of the stock exchange in Cairo, May 29, 2014. (Amr Abdallah Dalsh/Reuters)