Central Bank of Egypt - Reuters
CAIRO – 5 March 2018: Egypt will have the best economic performance in 2018 among other markets in the Middle East and North Africa region, according to an EFG-Hermes survey released on Monday.
Egypt appeared once again in the survey as one of six countries most likely to see a 10 percent or greater currency devaluation this year.
“[The study was conducted with] over 990 people representing 255 global financial institutions and C-suite executives of 173 companies from 26 FEM countries. This came as part of EFG-Hermes’ 14th annual One-on-One Conference, the biggest investment conference in the Middle East,” EFG-Hermes said in the statement.
A total of 47 percent of those surveyed anticipated such a positive performance by Egypt, while only 15 percent expected currency devaluation. The flotation of the local currency devalued the pound by 48 percent in November 2016.
FocusEconomics expected in February that Egypt’s GDP would expand by 4.5 percent in FY 2018 and 4.9 percent in FY 2019.