Since 2011 Egypt’s economy has earned more than its fair share of bad headlines. From dwindling foreign reserves and slowing growth to rising debt and a widening deficit, it has not been an easy few years for the local market. However, recovery has begun in earnest, with OBG’s recent survey of 62 of Egypt’s senior corporate executives revealing a striking bullishness. Three-quarters of respondents expect to make a major investment over the next year, for example, and 80% are upbeat about the local business environment.
Egypt has had a tough few years, but the results of OBG’s inaugural Business Barometer: Egypt CEO Survey suggest the worst is finally over.
“The bigger they are, the harder they fall” is an adage familiar to anyone who played sports in their youth – or at least those who looked worryingly at an opponent who had clearly gone through a growth spurt a few years early.