Charting Egypt

Charting
Egypt
CEO’s Guide to The Economy
1H 2022
ECONOMY
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3

ECONOMY
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Why long-term economic growth?
To Improve the Living Standard
How to grow the economy in the long run?
Increase these 3 factors

Population
(Labor)

Capital

Idea
The Long View: the Why and How of Economic Growth

Gross
Income

Per Capita
Income

Living
Standard
© Charting Economy™
This is a licensed product and is not to be photocopied

ECONOMY
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Short-term Objective: Balancing Growth and Stability
Inflation
Exchange Rate
BOP /
External Debt
Private
Consumption (C)
Public
Consumption (G)
Growth Stability
Investment (I)
Net Export (X-M)
Fiscal Balance
Financial System
Employment
© Charting Economy™

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CEO’s Guide to
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• What is the size of Egypt’s
economy?
• What is the size of Egypt’s
population?
• What is the demographic
structure of Egypt? Is it
favorable for economic growth?
• How has the structure of GDP
changed over the years?
• How much does Egypt’s
economy rely on natural
resources?
• How much does Egypt’s
economy rely on external trade?
• Economic Freedom Index: How
free is Egypt’s economy?
• How competitive is Egypt?
• How are Egypt’s competitive
factors compared to those of
other countries?
• How is the minimum wage in
Egypt compared to others in the
region?
• Is it easy to do business in
Egypt?
• How good is Egypt in attracting
Foreign Direct Investment?
• What is the level of income for
an average person in Egypt?
• What is the poverty rate in
Egypt, and how does it compare
to others?
• How has the unemployment rate
in Egypt changed over recent
years?
• How is income distributed in
Egypt, and how does it compare
to others?
• What is the current level of
human development in Egypt?
• How has the quality of life
changed over the years?
• How many SDG has Egypt
achieved to date?
• What has been the growth rate
of Egypt’s economy over the
past ten years, and how does it
compare with others?
• What were the key growth
drivers for Egypt’s economy in
the last year?
• How much does each sector
contribute to the overall growth?
• What is the GDP growth rate in
the latest quarter?
• What are the latest signals from
the leading indicators?
• What is the growth outlook for
Egypt’s economy, and how does
it compare with others?
• How early can the economy
reopen from the Covid crisis?
• What is the risk of inflation over
the next 12 months?
• What is the latest move on
Egypt’s monetary policy?
• What is the health of Egypt’s
banking sector?
• What has been the trend in
Egypt’s fiscal budget deficit?
• Balance of Payment: Where are
the key risks?
• Does Egypt have enough
international reserves to service
its debt and for import?
• What is the FX risk? How has
the currency performed
compared to others?
6
The Charting Economy Framework©
Understand Any Economy in 30 Questions or Less
Economic Structure Competitiveness Development Economic Growth Macro Risks
The Long View The Short View
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Official name: Arab Republic of Egypt
Brief history
• A unified kingdom arose circa 3200 B.C., and a series of dynasties ruled in Egypt for the next three millennia
• The last native dynasty fell to the Persians in 341 B.C., who in turn were replaced by the Greeks, Romans, and Byzantines
• It was the Arabs who introduced Islam and the Arabic language in the 7th century and who ruled for the next six centuries
• Completion of the Suez Canal in 1869 elevated Egypt as an important world transportation hub. Ostensibly to protect its investments, Britain seized control
of Egypt's government in 1882
• Partially independent from the UK in 1922, Egypt acquired full sovereignty from Britain in 1952
• Inspired by the 2010 Tunisian revolution, Egyptian opposition groups led demonstrations and labor strikes countrywide, culminating in President Hosni
MUBARAK's ouster
• In January 2014, voters approved a new constitution by referendum and in May 2014 elected Abdel Fattah EL SISI president
7
Government
Government type: presidential republic
Capital: Cairo
Currency: Egyptian Pound (EGP)
Chief of state: President Abdelfattah Said ELSISI (since 8 June
2014)
Head of government: Prime Minister Mostafa MADBOULY (since 7
June 2018)
Cabinet: nominated by the executive authorities and approved by
the House of Representatives
Elections:
• President elected by absolute majority popular vote in 2 rounds if
needed for a 4-year term (eligible for a second term); election last held
on 26-28 March 2018 (next to be held in 2022)
• Prime minister appointed by the president, approved by the House of
Representatives
Geography
Area: 1,001,450 sq km (#30 in the world)
Land boundaries:
• Gaza Strip 13 km
• Israel 208 km
• Libya 1,115 km
• Sudan 1,276 km
Land use (2011est.):
• agriculture: 3.6%
• forest: 0.1%
• other: 96.3%
Coastline: 2,450 km
Irrigated land: 36,500 sq km (2012)
Natural resources:
petroleum, natural gas, iron ore, phosphates, manganese,
limestone, gypsum, talc, asbestos, lead, rare earth elements, zinc
Source: CIA World factbook
Population and society
Population:
106,437,241 (July 2021 est.)
Ethnic group:
Egyptian 99.6%, other 0.4% (2006 census)
Language:
Arabic (official), English and French widely understood by educated
classes
Religions:
Muslim (predominantly Sunni) 90%, Christian (majority Coptic
Orthodox, other Christians include Armenian Apostolic, Catholic,
Maronite, Orthodox, and Anglican) 10% (2015 est.)
Working age population (15-64 yr): 61.9%
Population growth rate: 2.17% (2021 est.)
Egypt

ECONOMY
Charting
CEO’s Guide to
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1. Economic Structure
2. Competitiveness
3. Economic Development
4. Economic Growth
5. Macro Risks
Appendix 1: IMF’s forecast
Appendix 2: Doing Business
Part of the country’s economic profile, economic structure
section gives readers useful views to understand economic
fundamental and determine what matters for the country’s
economy
8
 What is the size of Egypt’s economy?
 What is the size of Egypt’s population?
 What is the demographic structure of Egypt? Is it
favorable for economic growth?
 How has the structure of GDP changed over the years?
 How much does Egypt’s economy rely on natural
resources?
 How much does Egypt’s economy rely on external trade?
 Economic Freedom Index: How free is Egypt’s
economy?

ECONOMY
Charting
CEO’s Guide to
The Economy 9
What is the size of Egypt’s economy?
Egypt is the 3rd largest economy in the Middle East and North
Africa region
Source: IMF World Economic Outlook Database October 2021
Note: (*) IMF Estimate
835.4
700.1
363.2
358.9
169.5
147.6
145.5
114.6
105.9
63.4
43.8
39.2
34.7
34.4
19.2
19.0
18.8
8.1
3.4
Iran
Saudi Arabia
Egypt
UAE
Iraq
Algeria
Qatar
Morocco
Kuwait
Oman
Jordan
Tunisia
Bahrain
Sudan
Libya*
Lebanon
Yemen
Mauritania*
Djibouti*
Top Economies in MENA
2020 GDP, USD billion, Market Exchange Rate

ECONOMY
Charting
CEO’s Guide to
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What is the size of Egypt’s population?
Egypt is the most populous country in MENA and the Arab
world
Source: CIA World Fact book, UN’s World Population Prospects: The 2019 Revision
1.756%
2.365%
1.551%
2.328%
1.106%
1.352%
2.107%
5.519%
2.904%
0.874%
0.266%
106.4
46.8
43.6
39.7
36.6
34.8
30.4
20.4
12.1
11.8
10.9
Egypt
Sudan
Algeria
Iraq
Morocco
Saudi Arabia
Yemen
Syria
Somalia
Tunisia
Jordan
Population
Selected Arab countries, Million, July 2021 est.
Population Growth
Avg. Annual Rate of Change, Medium fertility, 2020-2025

ECONOMY
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What is the demographic structure of Egypt? Is it favorable for economic growth?
Egypt has a favorable demographic structure with rising ratio of the
working-age group
Source: UN’s World Population Prospects: The 2019 Revision
7% 5% 3% 1% 1% 3% 5% 7%
0-4
10-14
20-24
30-34
40-44
50-54
60-64
70-74
80-84
90-94
100+
Male Female
6
0
.
7
%
6
0
.
7
%
6
2
.
6
%
6
3
.
9
%
6
4
.
3
%
6
4
.
0
%
6
3
.
7
%
2020 2030 2040 2050
Demographic Structure
2020, % of total population, Medium Fertility
Working-age population
15-64 Years, % of total population, Medium Fertility

ECONOMY
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How has the structure of GDP changed over the years?
The economy is predominantly Service-based that relies heavily
on domestic demand, especially during the low oil price years
Note: (*) C = Private Consumption, I = Investment including: I (capital) = Fixed Capital formation and I (inventory) = change in inventory
G = Public consumption, X = Export of goods and services, M = Import of goods and services
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
1970 1980 1990 2000 2010 2020
M
C
X
G
I
0%
10%
20%
30%
40%
50%
60%
1970 1980 1990 2000 2010 2020
Industry
Agriculture
Service
GDP Composition – Expenditure*
% of total
GDP Composition – Production
% of total
Source: The World Bank; Charting Economy analysis

ECONOMY
Charting
CEO’s Guide to
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How much does Egypt’s economy rely on natural resources?
Egypt’s economy has relied less on natural resource since the
oil price started to collapse
Total Natural Resource Rents
% of GDP
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
1979 1984 1989 1994 1999 2004 2009 2014 2019
Algeria
Egypt
Morocco

ECONOMY
Charting
CEO’s Guide to
The Economy 14
How much does Egypt’s economy rely on external trade?
Egypt relies on international trade less than most economies in
the region
Main export items
crude oil and petroleum products,
fruits and vegetables, cotton, textiles,
metal products, chemicals, processed
food
Main import items
machinery and equipment, foodstuffs,
chemicals, wood products, fuels
Export Import
Key partners
2020, %
Key partners
2020, %
10.7%
6.4%
6.2%
5.5%
5.2%
4.6%
2.8%
2.8%
2.6%
2.5%
UAE
Saudi Arabia
Turkey
US
Italy
India
Spain
UK
Canada
Greece
15.0%
6.7%
6.3%
5.8%
4.9%
4.3%
4.2%
3.8%
3.3%
3.2%
China
US
Saudi Arabia
Germany
Turkey
Italy
Russia
India
Kuwait
Brazil
Source: The World Bank, ITC, CIA World Factbook
Note: (*) 2019
160.9
142.4
119.7
107.9
98.2
90.3
90.0
78.6
72.5
65.4
50.6
45.2
36.2
34.0
UAE*
Bahrain*
Somalia
Tunisia*
Kuwait*
Qatar*
Oman*
Morocco
Iraq*
Jordan
Saudi Arabia
Algeria
Iran
Egypt
Trade Openness
Trade / GDP, 2020, %

ECONOMY
Charting
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Economic Freedom Index: How free is Egypt’s economy?
Economic freedom in Egypt improved over the past year, with
improvements across most categories
Source: The Heritage Foundation
MODERATELY FREE
REPRESSED
MOSTLY UNFREE
MOSTLY FREE
FREE
40
50
60
70
80
90
1996 2001 2006 2011 2016 2021
Egypt’s Economic Freedom Index Score
Overall Score, 0-100
Economic Freedom Score in MENA
2021, Selected countries, overall score and global rank ()
76.9
73.8
72.0
69.9
66.0
64.6
64.6
64.1
63.3
56.6
55.7
51.4
49.7
47.2
UAE (14)
Israel (26)
Qatar (31)
Bahrain (40)
Saudi Arabia (63)
Jordan (69)
Oman (71)
Kuwait (74)
Morocco (81)
Tunisia (119)
Egypt (130)
Lebanon (154)
Algeria (162)
Iran (168)
Mostly
Free
Moderately
Free
Mostly
Unfree
Repressed

ECONOMY
Charting
CEO’s Guide to
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2. Competitiveness
4. Economic Growth
5. Macro Risks
Part of the country’s economic profile, this section explores
the country’s competitiveness in the global level as well as
the ability to attract foreign direct investment
16
 How competitive is Egypt?
 How are Egypt’s competitive factors compared to those of
other countries?
 How is the minimum wage in Egypt compared to others in
the region?
 Is it easy to do business in Egypt?
 How good is Egypt in attracting Foreign Direct
Investment?

ECONOMY
Charting
CEO’s Guide to
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How competitive is Egypt?
Egypt is the second-least competitive among the 14 MENA
economies participated in the latest global competitiveness ranking
Source: The Global Competitiveness Report 2019-2020, World Economic Forum
Global Competitiveness Ranking:
Egypt
Overall ranking, full scale
116 115
100
94 93
2015-16 2016-17 2017-18 2018-19 2019-20
Global Competitiveness Index
Middle East and North Africa
2019-2020, overall score and global rank ()
76.7
75.0
72.9
70.0
65.4
65.1
63.6
60.9
60.0
56.4
56.3
56.3
54.5
53.0
Israel (20)
UAE (25)
Qatar (29)
Saudi Arabia (36)
Bahrain (45)
Kuwait (46)
Oman (53)
Jordan (70)
Morocco (75)
Tunisia (87)
Lebanon (88)
Algeria (89)
Egypt (93)
Iran (99)

ECONOMY
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How are Egypt’s competitive factors compared to those of other countries?
Egypt is behind its neighbors in most of the competitiveness
factors except for the Market Size
Source: The Global Competitiveness Report 2019-2020, World Economic Forum
Enabling Environment
Institutions
The Global Competitiveness Index
2019-2020, score = 0-100
Infrastructure ICT
adoption
Macroeconomic
Stability
Health Skills Product
Market
Labor
Market
Financial
System
Market
Size
Business
Dynamism
Innovation
Capability
Human Capital Markets Innovation Ecosystem
0
10
20
30
40
50
60
70
80
90
100
Egypt Algeria Kuwait Lebanon Morocco Qatar Saudi Arabia UAE Yemen

ECONOMY
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How is the minimum wage in Egypt
compared to others in the region?
Minimum wage in Egypt is in
line with those in Nigeria
Source: ILO, Wikipedia; Charting Economy analysis
Minimum Monthly Wage
Effective as of Jan 1st, 2022, US$
259
249
206
152
144
140
104
89
76
73
69
64
63
63
62
61
60
39
35
17
11
7
1
Gabon
South Africa
Mauritius
Botswana
Algeria
Tunisia
Chad
Kenya
Egypt
Nigeria
Benin
Senegal
Cote d'Ivoire
Cameroon
Guinea
Central African Republic
Burkina Faso
Angola
Ghana
Tanzania
Rwanda
Ethiopia
Sudan

ECONOMY
Charting
CEO’s Guide to
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Is it easy to do business in Egypt?
Egypt is one of the hardest places in the world to do business
but things are improving on many fronts
Note: (*) An economy’s distance to frontier score is indicated on a scale from 0 to 100, where 0 represents the worst performance and 100 the frontier
Source: Doing Business 2020
86.8
84.0
80.9
76.8
76.7
76.0
73.4
71.6
70.0
69.0
68.7
68.7
67.4
60.1
58.5
48.6
31.8
New Zealand (1)
United States (6)
UAE (16)
Turkey (33)
Israel (35)
Bahrain (43)
Morocco (53)
Saudi Arabia (62)
Oman (68)
Jordan (75)
Tunisia (78)
Qatar (77)
Kuwait (83)
Egypt (114)
Iran (127)
Algeria (157)
Yemen (187)
Ease of Doing Business Ranking
Selected economies, ( ) = 2020 rank, DTF* score
Egypt’s DTF* score
2020 vs 2019
TOPICS DB 2020 DB 2019 Change
Overall 60.10 58.50
Starting a Business 87.80 83.80
Dealing with Construction Permits 71.20 70.80
Getting Electricity 77.90 71.50
Registering Property 55.00 55.00
Getting Credit 65.00 65.00
Protecting Minority Investors 64.00 62.00
Paying Taxes 55.10 52.60
Trading Across Borders 42.20 42.20
Enforcing Contracts 40.00 40.00
Resolving Insolvency 42.20 42.30

ECONOMY
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How good is Egypt in attracting Foreign Direct Investment?
Egypt is a major investment destination in North Africa despite the
recent drop of FDI over the past few years
FDI into Egypt and comparable countries
Net inflows, % of GDP
-1%
0%
1%
2%
3%
4%
5%
2010 2012 2014 2016 2018 2020
Algeria
Morocco
Egypt
Source: UNCTAD, The World Bank; Charting Economy analysis
16.0
7.7
4.8
4.5
2.3
1.7
1.4
1.3
0.9
0.8
0.8
0.0
-2.5
-3.6
UAE
Egypt
Saudi Arabia
Oman
Morocco
Iran
Bahrain
Algeria
Sudan
Tunisia
Jordan
Kuwait
Qatar
Iraq
Net inflows of FDI
Annual average, 2018-2020

ECONOMY
Charting
CEO’s Guide to
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2. Competitiveness
4. Economic Growth
5. Macro Risks
Part of the country’s economic profile, this section explores
the country’s economic development, average income and its
distribution, poverty as well as other development indicators
22
 What is the level of income for an average person in
Egypt?
 What is the poverty rate in Egypt, and how does it
compare to others?
 How has the unemployment rate in Egypt changed over
recent years?
 How is income distributed in Egypt, and how does it
compare to others?
 What is the current level of human development in Egypt?
 How has the quality of life changed over the years?
 How many SDG has Egypt achieved to date?

ECONOMY
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CEO’s Guide to
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What is the level of income for an average person in Egypt?
Egypt’s per capita income has surpassed Algeria’s in 2019 but is
still below the regional average
Note: (*) Cumulative Annual Growth Rate between 2002-2020
91,500
70,300
59,570
49,420
44,330
41,750
26,160
16,549
12,920
11,820
11,700
11,530
10,720
10,500
7,700
4,140
Qatar
UAE
Kuwait*
Saudi Arabia
Bahrain
Israel
Oman
MENA
Iran
Egypt
Algeria
Iraq
Tunisia
Jordan
Morocco
Sudan
Current GNI per capita comparison
2019, Purchasing Power Parity in current international dollars
Growth in GNI per capita
Purchasing Power Parity in 2017 international dollars
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Egypt
CAGR = 2.1%
Algeria
CAGR = 0.9%
Morocco
CAGR = 2.1%

ECONOMY
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What is the poverty rate in Egypt, and how does it compare to others?
Poverty Headcount in Egypt has doubled over the past two
decades
0%
10%
20%
30%
40%
50%
60%
70%
1997 2002 2007 2012 2017
Egypt’s Poverty Headcount
% of population living below the national poverty line
55.5%
46.7%
40.8%
40.1%
38.3%
38.2%
36.1%
32.5%
19.3%
15.7%
15.2%
10.3%
5.5%
4.8%
South Africa (2014)
Senegal (2011)
Niger (2018)
Nigeria (2018)
Zimbabwe (2019)
Rwanda (2016)
Kenya (2015)
Egypt (2017)
Botswana (2009)
Jordan (2018)
Tunisia (2015)
Mauritius (2017)
Algeria (2011)
Morocco (2013)
Comparable Poverty Headcount
% of population living below the national poverty line

ECONOMY
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How has the unemployment rate in Egypt changed over recent years?
Unemployment rate in Egypt is expected to rise in 2021 amid the
Covid-19 crisis
0%
3%
6%
9%
12%
15%
2009 2011 2013 2015 2017 2019 2021
Unemployment rate in Egypt
% of total labor force
Note: (*) Forecasted by IMF in World Economic Outlook report, October 2021
Source: IMF; Charting Economy analysis
34.4%
27.7%
14.7%
11.5%
10.5%
9.2%
8.5%
7.8%
3.0%
South Africa
Sudan
Algeria
Morocco
Iran
Egypt
Cabo Verde
Mauritius
Seychelles
Projected Unemployment rate*
2021, % of total labor force

ECONOMY
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How is income distributed in Egypt, and how does it compare to others?
Income distribution in Egypt has worsened since 2012 but is
still better than most in the region
0.0
0.1
0.2
0.3
0.4
0.5
0.6
1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
Egypt’s Gini Coefficient
On income
Gini Coefficient in Middle East and Africa
On income
0.63
0.53
0.44
0.44
0.42
0.42
0.42
0.41
0.40
0.37
0.35
0.35
0.34
0.34
0.33
0.33
0.32
0.30
0.28
South Africa (2014)
Botswana (2015)
Rwanda (2016)
Ghana (2016)
Iran (2018)
Djibouti (2017)
Cote d'Ivoire (2015)
Kenya (2015)
Morocco (2013)
Mauritius (2017)
Nigeria (2018)
Ethiopia (2015)
Niger (2014)
Jordan (2010)
Tunisia (2015)
Mauritania (2014)
Egypt (2017)
Iraq (2012)
Algeria (2011)

ECONOMY
Charting
CEO’s Guide to
The Economy 27
What is the current level of human development in Egypt?
Egypt ranks 116th in the latest Human Development Index
ranking, lower than most in MENA
0.40
0.45
0.50
0.55
0.60
0.65
0.70
0.75
0.80
1991 1995 1999 2003 2007 2011 2015 2019
Source: UNDP’s Human Development Report 2020
Egypt
Arab states
World
Human Development Index (HDI)
Score 0-1, 1990-2019
0.890
0.854
0.852
0.848
0.825
0.813
0.806
0.783
0.756
0.748
0.744
0.740
0.729
0.715
0.707
0.686
0.674
0.470
UAE (31)
Saudi Arabia (40)
Bahrain (42)
Qatar (45)
Kazakhstan (51)
Oman (60)
Kuwait (64)
Iran (70)
Azerbaijan (88)
Algeria (91)
Lebanon (92)
Tunisia (95)
Jordan (102)
Turkmenistan (111)
Egypt (116)
Morocco (121)
Iraq (123)
Yemen (179)
HDI Score in Middle East and Central Asia
2019, overall score and global rank ()

ECONOMY
Charting
CEO’s Guide to
The Economy 28
How has the quality of life changed over the years?
Life expectancy in Egypt has been below the regional average
but Mortality rate has been in line
30
35
40
45
50
55
60
65
70
75
80
1969 1979 1989 1999 2009 2019
50%
60%
70%
80%
90%
100%
2000 2004 2008 2012 2016 2020
Egypt
MENA
World
0
50
100
150
200
250
300
1969 1979 1989 1999 2009 2019
Egypt
Water source
Sanitation
facilities
World
MENA
Life expectancy at birth
Total (years)
Mortality rate, Under-5
Per 1000 live births
Life basic facilities
% of population with access

ECONOMY
Charting
CEO’s Guide to
The Economy 29
How many SDG has Egypt achieved to date?
Egypt has reached none of the 17 SDGs and faces major challenges
in 7 of them
Egypt’s SDG Dashboard*
2021
(*) To assess a country’s progress on a particular indicator, such absolute quantitative thresholds are introduced to differentiate between situations where an SDG threshold has been
met (green), where significant challenges remain (yellow & orange), and where major challenges must be overcome if the country is to meet the goal (red).
Goal 1 No Poverty
Goal 2 Zero Hunger
Goal 3 Good Health and Well-being
Goal 4 Quality Education
Goal 5 Gender Equality
Goal 6 Clean Water and Sanitation
Goal 7 Affordable and Clean Energy
Goal 8 Decent Work and Economic Growth
Goal 9 Industry, Innovation and Infrastructure
Goal 10 Reduced Inequality
Goal 11 Sustainable Cities and Communities
Goal 12 Responsible Consumption and Production
Goal 13 Climate Action
Goal 14 Life Below Water
Goal 15 Life on Land
Goal 16 Peace and Justice Strong Institutions
Goal 17 Partnerships to achieve the Goal
Source: SDG Index and Dashboards Report 2021
71.4
70.9
70.5
70.2
70.1
70.1
70.0
68.6
66.8
66.7
66.3
66.1
63.8
62.5
58.0
52.9
Tunisia (60)
Algeria (66)
Morocco (69)
UAE (71)
Jordan (72)
Oman (73)
Iran (74)
Egypt (82)
Lebanon (93)
Qatar (94)
Saudi Arabia (98)
Bahrain (100)
Iraq (105)
Kuwait (113)
Syria (127)
Yemen, Rep. (145)
The SDG Index score
2021, MENA, ( ) = Global rank

ECONOMY
Charting
CEO’s Guide to
The Economy
2. Competitiveness
4. Economic Growth
5. Macro Risks
Part of the country’s economic outlook, this section explores
the country’s recent economic growth, its key drivers and well
as the growth outlook for the coming years
30
 What has been the growth rate of Egypt’s economy
over the past ten years, and how does it compare with
others?
 What were the key growth drivers for Egypt’s economy
in the last year?
 How much does each sector contribute to the overall
growth?
 What is the GDP growth rate in the latest quarter?
 What are the latest signals from the leading indicators?
 What is the growth outlook for Egypt’s economy, and
how does it compare with others?

ECONOMY
Charting
CEO’s Guide to
The Economy 31
What has been the growth rate of Egypt’s economy over the past ten years, and how does it compare with others?
Egypt’s economy had grown on average 3.8% per year during
the 9 years prior to the Covid crisis
-10%
-5%
0%
5%
10%
15%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
China, 7.3%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
-4%
-2%
0%
2%
4%
6%
8%
10%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Euro area
1.3%
US, 2.2%
Japan, 0.9%
ME & C. Asia,
3.3%
EM Asia
6.7%
India, 6.6%
EM Europe, 3.0%
Egypt, 3.8%
Real GDP growth vs China and India
Annual percentage change
Real GDP growth vs Peers
Real GDP growth vs Emerging economies
Real GDP growth vs Developed economies
Egypt, 3.8%
Egypt, 3.8%
Egypt, 3.8%
Morocco,
3.4%
Tunisia, 1.8% Algeria, 2.6%
Note: (*) Labels denote countries and their cumulative annual growth rate between 2011-2019

ECONOMY
Charting
CEO’s Guide to
The Economy 32
What were the key growth drivers for Egypt’s economy in the last year?
In 2020 calendar year, Egypt’s economy expanded 1.5% amid the
Covid crisis, with Private Consumption as the main driver
Source: Ministry of Planning; Charting Economy analysis
9.6%
6.4%
1.5%
-20.6%
-33.0%
-36.0%
-36.8%
C
G
GDP
M
X
I
I (capital)
Real growth by expenditure
2020 calendar year, % change from last year
Contribution to GDP growth
Percentage point
(**) GDP = C + I + G + X - M
7.7%
5.0%
1.5%
0.6%
0.0%
-5.5%
-6.7%
C
M
GDP
G
I (inventory)
X
I (capital)

ECONOMY
Charting
CEO’s Guide to
The Economy 33
How much does each sector contribute to the overall growth?
Tourism, Manufacturing, and Extractions contracted the most and
were the main drags on the overall growth in 2020
Real growth by production sectors
2020 calendar year, year-on-year growth
15.1%
9.3%
6.4%
4.6%
4.2%
4.0%
3.6%
3.5%
3.3%
3.2%
3.0%
2.8%
1.5%
0.3%
0.1%
-5.5%
-11.5%
-47.9%
Communications
Mfg: Petroleum
General Government
Social Services
Transport and Storage
Trade
Agriculture
Real Estate
Information
Finance
Construction
Insurance
GDP
Utilities
Suez Canal
Extractions
Mfg: Non-Petroleum
Tourism
1.5%
1.4%
0.5%
0.5%
0.4%
0.4%
0.4%
0.3%
0.2%
0.2%
0.2%
0.1%
0.0%
0.0%
0.0%
0.0%
-0.5%
-1.3%
-1.4%
GDP
Net taxes
Trade
General Government
Agriculture
Communications
Mfg: Petroleum
Real Estate
Social Services
Transport and Storage
Construction
Finance
Insurance
Information
Utilities
Suez Canal
Extractions
Tourism
Mfg: Non-Petroleum
Percentage point

ECONOMY
Charting
CEO’s Guide to
The Economy 34
What is the GDP growth rate in the latest quarter?
The economy expanded sharply in 2Q21 from a low base of a year
ago, thanks to large contributions from Investment and Export
Percentage point
5.6% 5.7% 5.0%
-1.7%
0.7%
2.0%
3.0%
7.7%
3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
C
G
I
I (capital)
I (inventory)
X
M
(**) GDP = C + I + G + X - M
2.9% 5.2% 5.8% 9.4% 9.4% 6.1% 6.5% 1.3%
0.1% 0.6% 0.2% 1.5% 0.3% 0.4% 0.5% 0.2%
1.5% -1.2% -3.9% -11.0% -6.9% -3.5% -1.7% 8.0%
1.6% 1.9% -2.2% -11.0% -6.9% -6.5% -3.4% 7.9%
-0.1% -0.1% -0.2% 0.0% 0.0% 0.2% 0.2% 0.1%
-1.9% -2.5% -3.2% -7.9% -7.0% -4.0% -1.0% 4.6%
2.9% 3.6% 5.9% 6.5% 4.8% 2.9% -1.4% -6.5%

ECONOMY
Charting
CEO’s Guide to
The Economy 35
What are the latest signals from the leading indicators?
Key production and investment indicators have continued to
recover over the past few months
Source: Ministry of Planning, Central Agency for Public Mobilization and Statistics, Ministry of Supply and Home Trade;
Charting Economy analysis
60
70
80
90
100
110
120
130
Nov-20 Feb-21 May-21 Aug-21
Industrial Production Index
2012-2013 =100
0
20
40
60
80
100
120
140
Nov-20 Feb-21 May-21 Aug-21
Reinforced Steel Sales
Year-on-Year change in %
Manufacturing Production Index
2012-2013 =100
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Dec-20 Mar-21 Jun-21 Sep-21

ECONOMY
Charting
CEO’s Guide to
The Economy 36
What is the growth outlook for Egypt’s economy, and how does it compare with others?
Egypt’s economic recovery is projected to be moderate in 2021
but would accelerate over the next 2 years
Source: IMF World Economic Outlook October 2021
2021 2022
GDP growth projections
% of real growth from the year before
2023
5.9
5.7
5.0
4.1
3.4
3.3
3.0
2.8
2.7
2.5
2.5
2.4
2.2
2.0
1.9
0.9
0.9
World
Morocco
Euro area
ME & C.Asia
Algeria
Egypt
Tunisia
Saudi Arabia
Mauritania
Oman
Iran
Bahrain
UAE
Jordan
Qatar
Kuwait
Sudan
4.9
3.1
4.3
4.1
1.9
5.2
3.3
4.8
5.0
2.9
2.0
3.1
3.0
2.7
4.0
4.3
3.5
3.6
3.7
2.0
3.8
1.7
5.6
2.5
2.8
4.2
2.0
3.1
3.0
3.1
2.6
2.7
5.0
8.6

ECONOMY
Charting
CEO’s Guide to
The Economy
2. Competitiveness
4. Economic Growth
5. Macro Risks
Part of the country’s economic outlook, this section explores
the country’s macro economic risks, including inflation,
financial sector, budget deficit as well as balance of payment
and exchange rate
37
 What have been the government measures against the
Covid-19 crisis?
 What is the risk of inflation over the next 12 months?
 What is the latest move on Egypt’s monetary policy?
 What is the health of Egypt’s banking sector?
 What has been the trend in Egypt’s fiscal budget deficit?
 Balance of Payment: Where are the key risks?
 Does Egypt have enough international reserves to service its
debt and for import?
 What is the FX risk? How has the currency performed
compared to others?

ECONOMY
Charting
CEO’s Guide to
The Economy 38
How early can the economy reopen from the Covid crisis?
Less than 20% of Egypt’s population has been fully vaccinated,
while Omicron cases have been detected
Source: WHO, Ourworldindata.org, Google; Charting Economy analysis
New Covid Cases in Egypt
Cases per day
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Jun-20 Dec-20 Jun-21 Dec-21
No. of people vaccinated against Covid
% of total population, cumulative
0%
10%
20%
30%
40%
50%
60%
70%
80%
Dec-20 Apr-21 Aug-21 Dec-21
Target to achieve herd immunity
Fully Vaccinated
Vaccinated
New Deaths in Egypt
Cases per day
0
20
40
60
80
100
120
140
Jun-20 Dec-20 Jun-21 Dec-21

ECONOMY
Charting
CEO’s Guide to
The Economy 39
What is the risk of inflation over the next 12 months?
Inflation in Egypt is expected to increase in 2022 but would still
be lower than the pre-Covid level
0%
5%
10%
15%
20%
25%
30%
2010 2012 2014 2016 2018 2020 2022
Inflation in Egypt
Annual percentage change in consumer price index
31.5%
27.5%
8.0%
7.6%
6.5%
6.3%
4.5%
3.8%
3.8%
3.2%
3.0%
2.7%
2.7%
2.2%
2.2%
2.0%
2.0%
1.7%
1.2%
Yemen
Iran
Libya
Algeria
Tunisia
Egypt
Iraq
World
Mauritania
Qatar
Kuwait
Bahrain
Oman
Saudi Arabia
UAE
Djibouti
Jordan
Euro area
Morocco
Projected Inflation*
2022, annual percentage change in CPI

ECONOMY
Charting
CEO’s Guide to
The Economy 40
What is the latest move on Egypt’s monetary policy?
Central Bank of Egypt has cut its policy interest by 4% in 2020
to support economic recovery
Policy Interest Rate
Annualized rate
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21
Source: The Central Bank of Egypt
9.25%

ECONOMY
Charting
CEO’s Guide to
The Economy 41
What is the health of Egypt’s banking sector?
Egypt’s banking sector remains sound with low NPL, high
Capital, despite the recent drop in profit
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
2Q19 4Q19 2Q20 4Q20 2Q21
Non Performing Loans
to Total Loans
%
Regulatory Capital
to Risk-Weighted Assets
%, quarterly
Return on Assets (ROA)
and Return on Equity (ROE)
%, quarterly
0%
5%
10%
15%
20%
25%
2Q19 4Q19 2Q20 4Q20 2Q21
0%
5%
10%
15%
20%
25%
2Q19 4Q19 2Q20 4Q20 2Q21
ROE
ROA
Source: Central Bank of Egypt; Charting Economy analysis

ECONOMY
Charting
CEO’s Guide to
The Economy 42
What has been the trend in Egypt’s fiscal budget deficit?
Egypt’s fiscal deficit is projected to decrease over the next few
years as its public debt level is already too high
-14%
-12%
-10%
-8%
-6%
-4%
-2%
0%
2010 2012 2014 2016 2018 2020 2022 2024 2026
Egypt’s General government structural balance
% of GDP
Source: IMF, National Office of Statistics; Charting Economy analysis
General government debt
2021, % of GDP
210%
123%
91%
91%
90%
76%
73%
68%
59%
59%
58%
55%
42%
37%
34%
Sudan
Bahrain
Egypt
Jordan
Tunisia
Morocco
Yemen
Oman
Iraq
Qatar
Algeria
Mauritania
Djibouti
UAE
Iran
60%-of-GDP threshold

ECONOMY
Charting
CEO’s Guide to
The Economy 43
Balance of Payment: Where are the key risks?
Egypt relies on net capital inflows to finance its current account
deficit, a norm that is expected to continue in 2022
-8
-6
-4
-2
0
2
4
6
8
10
12
1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21
Current Account Net Capital flows
Egypt’s Balance of Payment
USD billion
Projected Current Account balance
2022*, % of GDP
15.4%
13.3%
11.6%
9.4%
4.0%
3.8%
1.0%
-0.9%
-2.9%
-3.0%
-3.3%
-3.7%
-4.4%
-5.5%
-8.4%
-8.9%
-9.4%
-9.7%
Libya
Kuwait
Qatar
UAE
Iraq
Saudi Arabia
Iran
Oman
Bahrain
Djibouti
Morocco
Egypt
Jordan
Algeria
Tunisia
Mauritania
Sudan
Yemen

ECONOMY
Charting
CEO’s Guide to
The Economy 44
Does Egypt have enough international reserves to service its debt and for import?
International reserves have gradually increased and are
adequate to cover short-term external debt and import needs
Source: IMF, World Bank; Charting Economy analysis
0
1
2
3
4
5
6
7
8
2Q19 4Q19 2Q20 4Q20
0%
20%
40%
60%
80%
100%
2Q19 4Q19 2Q20 4Q20 2Q21
0
5
10
15
20
25
30
35
40
45
50
Aug-19 Aug-20 Aug-21
Short-term External Debt
% of international reserves
Import Cover
International reserves as months of import
International Reserves
USD billion

ECONOMY
Charting
CEO’s Guide to
The Economy 45
What is the FX risk?
How has the currency performed compared to others?
Egyptian Pound appreciated
0.2% against USD in 2021 and
outperformed most currencies in
the region
Source: Oanda; Charting Economy analysis
Currency Performance Analysis
Change in value against USD, percentage
Return Analysis
1-year
(2021)
3-year
(2019-2021)
5-year
(2017-2021)
Angola - AOA 18.9% -43.9% -69.9%
Guinea - GNF 6.3% -2.8% 0.6%
Tanzania - TZS 0.6% -0.2% -5.0%
Kuwait - KWD 0.6% 0.4% 1.0%
Egypt - EGP 0.2% 14.0% 15.3%
Saudi Arabia - SAR 0.0% 0.0% 0.0%
UAE - AED 0.0% 0.0% 0.0%
Jordan - JOD 0.0% 0.0% -0.1%
Bahrain - BHD 0.0% 0.0% -0.1%
Oman - OMR 0.0% 0.0% 0.0%
Qatar - QAR -0.1% 0.0% 0.0%
Iran - IRR -0.4% -0.5% -28.9%
DR Congo - CDF -1.6% -20.1% -40.3%
Kenya - KES -3.7% -10.0% -9.1%
Morocco - MAD -3.9% 3.1% 9.3%
Rwanda - RWF -4.4% -14.4% -18.9%
Ghana - GHS -4.9% -21.2% -32.5%
Algeria - DZD -4.9% -14.6% -20.4%
Nigeria - NGN -6.5% -11.5% -25.7%
Central Africa - XAF -7.5% -0.9% 7.8%
Western Africa - XOF -7.5% -0.9% 7.8%
South Africa - ZAR -8.0% -9.6% -13.8%
Botswana - BWP -8.2% -8.7% -8.7%
Mauritius - MUR -9.5% -21.3% -17.7%
Ethiopia - ETB -20.9% -42.7% -54.4%

ECONOMY
Charting
CEO’s Guide to
The Economy 46
What is the FX risk? How has the currency performed compared to others?
Egyptian Pound appreciated 0.2% against USD in 2021 and
outperformed most currencies in the region
Source: Oanda; Charting Economy analysis
15.50
15.55
15.60
15.65
15.70
15.75
15.80
15.85
31/12/20 31/03/21 30/06/21 30/09/21 31/12/21
Egyptian Pound Exchange Rate
Per USD, mid point
15.71
YTD change in currency values
Against USD, as of 31 Dec 2021
18.9%
6.3%
0.6%
0.6%
0.2%
-0.1%
-0.4%
-1.6%
-3.7%
-3.9%
-4.4%
-4.9%
-4.9%
-6.5%
-7.5%
-7.5%
-8.0%
-8.2%
-9.5%
-20.9%
Angola - AOA
Guinea - GNF
Tanzania - TZS
Kuwait - KWD
Egypt - EGP
Qatar - QAR
Iran - IRR
DR Congo - CDF
Kenya - KES
Morocco - MAD
Rwanda - RWF
Ghana - GHS
Algeria - DZD
Nigeria - NGN
Central Africa - XAF
Western Africa - XOF
South Africa - ZAR
Botswana - BWP
Mauritius - MUR
Ethiopia - ETB

ECONOMY
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2. Competitiveness
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5. Macro Risks
Key Projections From IMF’s World Economic Outlook Report
October 2021
47

ECONOMY
Charting
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The Economy 48
KEY PROJECTIONS:
EGYPT’S ECONOMY
Source: IMF World Economic Outlook October 2021
Indicators Units 2020 2021 2022 2023 2024 2025 2026
Estimates
Start After
Current account balance % of GDP -3.1 -3.9 -3.7 -2.7 -2.6 -2.6 -2.6 2020
Current account balance Billion USD -11.2 -15.4 -16.1 -12.9 -13.2 -14.4 -15.6 2020
General government gross debt % of GDP 89.8 91.4 89.5 86.2 82.3 78.2 74.1 2020
General government structural
balance
% of potential GDP -7.0 -7.6 -6.5 -5.6 -5.2 -4.9 -4.4 2020
Gross domestic product per capita,
current prices
U.S. dollars 3,601 3,852 4,177 4,450 4,718 5,005 5,330 2020
Gross domestic product, constant
prices
% Change 3.6 3.3 5.2 5.6 5.7 5.8 5.8 2020
Gross domestic product, current
prices
Billion USD 363.2 396.3 438.3 476.4 515.2 557.4 605.5 2020
Gross national savings % of GDP 10.7 12.1 12.7 13.5 14.1 14.7 15.4 2020
Inflation, average consumer prices % change 5.7 4.5 6.3 7.1 7.1 7.1 7.1 2020
Population Million persons 100.9 102.9 105.0 107.1 109.2 111.4 113.6 2020
Unemployment rate % of total labor force 8.3 9.3 9.2 8.8 8.2 7.5 6.6 2020

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5. Macro Risks
DOING BUSINESS 2020
Detailed rankings and scores for Egypt and comparable
economies
49

ECONOMY
Charting
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It takes 2 weeks to start a business in Egypt with little cost
Starting a business rank
Economy Rank DTF*
Procedure -
Men
(number)
Time - Men
(days)
Cost - Men
(%of income
per capita)
Procedure -
Women
(number)
Time -
Women
(days)
Cost -
Women (%
of income
per capita)
Paid-in min.
capital (%of
income per
capita)
New Zealand 1 100.0 1 0.5 0.2 1 0.5 0.2 0.0
United Arab Emirates 17 94.8 2 3.5 17.2 3 4.5 17.2 0.0
Tunisia 19 94.6 3 9.0 2.9 3 9.0 2.9 0.0
Oman 32 93.5 4 4.0 3.1 5 5.0 3.1 0.0
Saudi Arabia 38 93.1 3 10.0 5.4 4 11.0 5.4 0.0
Morocco 43 93.0 4 9.0 3.6 4 9.0 3.6 0.0
Bahrain 67 89.6 6 8.0 1.0 7 9.0 1.0 2.9
Kuwait 82 88.4 5 19.0 1.7 6 20.0 1.7 0.0
Egypt, Arab Rep. 90 87.8 5 12.0 20.3 6 13.0 20.3 0.0
Qatar 108 86.1 8 8.5 6.3 9 9.5 6.3 0.0
Jordan 120 84.5 7 12.0 23.3 8 13.0 23.3 0.1
Lebanon 151 78.2 8 15.0 42.3 8 15.0 42.3 41.5
Algeria 152 78.0 12 18.0 11.3 12 18.0 11.3 0.0
Iraq 154 77.3 8 26.0 34.2 9 27.0 34.2 14.6
Yemen, Rep. 156 76.8 6 40.0 40.2 7 41.0 40.2 0.0
Sudan 157 76.7 9 34.0 17.8 10 35.0 17.8 0.0
Libya 164 73.1 10 35.0 24.6 10 35.0 24.6 30.0
Iran, Islamic Rep. 178 67.8 10 72.0 1.1 11 73.0 1.1 0.0
Bosnia and Herzegovina 184 60.0 13 80.0 13.7 13 80.0 13.7 10.2
Venezuela, RB 190 25.0 20 230.0 211.8 20 230.0 211.8 0.0

ECONOMY
Charting
CEO’s Guide to
The Economy 51
Getting construction permits in Egypt takes almost 6
months but the cost is rather low
Dealing with Construction Permits rank
Economy Rank DTF*
Procedures
(number)
Time
(days)
Cost (%of
warehouse value)
Building quality
control index (0-15)
Hong Kong SAR, China 1 93.5 8 69 0.30 15.0
United Arab Emirates 3 89.8 11 48 2.20 15.0
Qatar 13 84.2 13 88 0.10 13.0
Morocco 16 83.2 12 58 3.30 13.0
Bahrain 17 83.1 9 71 3.70 12.0
Saudi Arabia 28 78.3 14 100 1.90 12.0
Tunisia 32 77.4 14 133 3.40 14.0
Oman 47 75.2 15 125 0.80 11.0
Kuwait 68 71.9 19 103 5.50 14.0
Iran, Islamic Rep. 73 71.2 16 130 6.30 13.5
Egypt, Arab Rep. 74 71.2 20 173 1.30 14.0
Iraq 103 67.7 11 167 0.30 5.5
Algeria 121 65.3 19 131 6.50 12.0
Sudan 124 64.2 16 255 2.60 12.0
Jordan 138 60.3 20 66 12.10 11.0
Lebanon 164 53.7 22 276 7.70 14.0
Bosnia and Herzegovina 173 48.6 17 180 20.30 13.0
Liberia 185 28.9 25 87 24.10 2.0
Yemen, Rep. 186 0.0
Libya 186 0.0

ECONOMY
Charting
CEO’s Guide to
The Economy 52
It’s quite expensive to get electricity in Egypt
Getting Electricity rank
Economy Rank DTF*
Procedures
(number)
Time
(days)
Cost (%of income per
capita)
Reliability of supply and
transparency of tariff index
(0-8)
Saudi Arabia 18 91.8 2 35 27.9 6.0
Morocco 34 87.3 4 31 1308.8 7.0
Oman 35 87.1 5 30 50.0 7.0
Qatar 49 83.6 4 44 9.2 5.0
Tunisia 63 82.3 4 65 719.1 6.0
Kuwait 66 81.9 5 49 55.7 6.0
Jordan 69 80.5 5 55 285.3 6.0
Bahrain 72 79.7 5 69 57.4 6.0
Egypt, Arab Rep. 77 77.9 5 53 180.2 5.0
Serbia 94 73.2 5 125 182.4 6.0
Algeria 102 72.1 5 84 967.0 5.0
Albania 107 71.0 6 71 448.6 5.0
Iran, Islamic Rep. 113 69.4 6 77 746.0 5.0
Lebanon 127 62.7 4 89 128.0 0.0
Iraq 131 61.9 5 51 384.7 0.0
Libya 142 59.0 4 118 304.6 0.0
Sudan 162 51.3 5 70 3154.2 0.0
Yemen, Rep. 187 0.0

ECONOMY
Charting
CEO’s Guide to
The Economy 53
Registering property in Egypt takes 2 months and a half but
is quite cheap
Registering Property rank
Economy Rank DTF*
Procedures
(number)
Time (days)
Cost (%of
property value)
Quality of the land
administration index (0-
30)
Qatar 1 96.2 1 1 0.30 26.0
New Zealand 2 94.6 2 4 0.10 26.5
Bahrain 17 86.2 2 2 1.70 19.5
Saudi Arabia 19 84.5 2 2 0.00 14.0
Kuwait 45 75.1 7 17 0.50 18.5
Oman 52 73.0 3 18 6.00 17.0
Iran, Islamic Rep. 70 68.1 6 31 3.80 16.0
Jordan 78 66.4 6 17 9.00 22.5
Morocco 81 65.8 6 20 6.40 17.0
Yemen, Rep. 86 65.2 6 19 1.80 7.0
Tunisia 94 63.7 5 35 6.10 13.5
Sudan 95 63.7 6 11 2.60 5.5
Lebanon 110 59.4 8 37 6.00 16.0
Iraq 121 57.3 5 51 7.30 10.5
Egypt, Arab Rep. 130 55.0 9 76 1.10 9.0
Greece 156 46.9 11 26 4.80 4.5
Algeria 165 44.3 10 55 7.10 7.5
Afghanistan 186 27.5 9 250 5.00 3.0
Libya 187 0.0

ECONOMY
Charting
CEO’s Guide to
The Economy 54
Getting credit in Egypt would be a lot easier only if the legal
rights are stronger
Getting Credit rank
Economy Rank DTF*
Strength of
legal rights
index (0-12)
Depth of credit
information
index (0-8)
Credit registry
coverage (%of
adults)
Credit bureau
coverage (%of
adults)
New Zealand 1 100.0 12 8 0 100
Jordan 4 95.0 11 8 5 23
United Arab Emirates 48 70.0 6 8 12 51
Egypt, Arab Rep. 67 65.0 5 8 10 31
Saudi Arabia 80 60.0 4 8 0 57
Bahrain 94 55.0 3 8 0 41
Tunisia 104 50.0 3 7 36 0
Iran, Islamic Rep. 104 50.0 2 8 60 61
Morocco 119 45.0 2 7 0 32
Kuwait 119 45.0 1 8 17 32
Qatar 119 45.0 1 8 35 0
Lebanon 132 40.0 2 6 21 0
Oman 144 35.0 1 6 27 0
Malta 144 35.0 2 5 54 0
Sudan 176 15.0 3 0 0 2
Algeria 181 10.0 2 0 4 0
Myanmar 181 10.0 2 0 0 0
Yemen, Rep. 186 0.0 0 0 1 0
Iraq 186 0.0 0 0 1 0
Libya 186 0.0 0 0 1 0

ECONOMY
Charting
CEO’s Guide to
The Economy 55
Minority investors in Egypt are better protected than their
counterparts in other markets in the region
Protecting Minority Investors rank
Economy Rank DTF*
Strength of
minority
investor
protection
index (0-10)
Extent of
disclosure
index (0-10)
Extent of
director
liability index
(0-10)
Ease of
shareholder
suits index
(0-10)
Extent of
shareholder
rights index
(0-6)
Extent of
ownership
and control
index (0-7)
Extent of
corporate
transparency
index (0-7)
Kenya 1 92.0 46 10 10 9 6 6 5
Saudi Arabia 3 86.0 43 9 9 7 5 6 7
United Arab Emirates 13 80.0 40 10 10 4 4 7 5
Morocco 37 70.0 35 9 2 7 6 5 6
Bahrain 51 66.0 33 8 4 5 5 7 4
Kuwait 51 66.0 33 5 9 4 2 6 7
Egypt, Arab Rep. 57 64.0 32 8 3 3 6 6 6
Tunisia 61 62.0 31 6 7 5 4 4 5
Oman 88 56.0 28 8 5 3 4 5 3
Jordan 105 50.0 25 4 4 3 2 6 6
Iraq 111 46.0 23 4 5 5 5 3 1
Albania 111 46.0 23 9 7 7 0 0 0
Lebanon 114 44.0 22 9 1 5 3 1 3
Iran, Islamic Rep. 128 40.0 20 7 4 1 3 3 2
Sudan 153 30.0 15 3 1 6 2 2 1
Qatar 157 28.0 14 2 2 2 3 2 3
Yemen, Rep. 162 26.0 13 6 4 3 0 0 0
Algeria 179 20.0 10 4 1 5 0 0 0
Libya 183 18.0 9 4 1 4 0 0 0
Ethiopia 189 10.0 5 3 0 2 0 0 0

ECONOMY
Charting
CEO’s Guide to
The Economy 56
Total tax rate in Egypt is around 44% of profit
Paying Taxes rank
Economy Rank DTF*
Payments (number
per year)
Time (hours
per year)
Total tax rate
(%of profit)
Postfiling index
(0-100)
Bahrain 1 100.0 3 23 13.8
Qatar 3 99.4 4 41 11.3
Kuwait 6 92.5 12 98 13.0
Oman 11 90.2 15 68 27.4 85.3
Israel 13 89.6 6 234 25.3 92.0
Morocco 24 87.2 6 155 45.8 98.6
Saudi Arabia 57 80.5 4 104 15.7 32.2
Jordan 62 78.7 9 97 28.6 35.7
Yemen, Rep. 89 74.1 44 248 26.6 96.3
Tunisia 108 69.4 8 144 60.7 52.5
Lebanon 116 67.5 20 181 32.2 27.5
Italy 128 64.0 14 238 59.1 52.4
Libya 130 63.6 19 889 32.6 90.2
Iraq 131 63.5 15 312 30.8 21.4
Iran, Islamic Rep. 144 59.5 20 216 44.7 19.0
Egypt, Arab Rep. 156 55.1 27 370 44.4 36.3
Algeria 158 53.9 27 265 66.1 49.8
Sudan 164 51.8 42 180 45.4 20.2
Guinea 183 35.5 33 400 69.3 12.8

ECONOMY
Charting
CEO’s Guide to
The Economy 57
Egypt is not an easy place to trade across borders
Trading Across Borders rank
Economy Rank DTF*
T ime to
expo rt:
B o rder
co mpliance
(ho urs)
C o st to
expo rt:
B o rder
co mpliance
(USD )
T ime to
expo rt:
D o cumentary
co mpliance
(ho urs)
C o st to expo rt:
D o cumentary
co mpliance
(USD )
T ime to
impo rt:
B o rder
co mpliance
(ho urs)
C o st to
impo rt:
B o rder
co mpliance
(USD )
T ime to
impo rt:
D o cumentary
co mpliance
(ho urs)
C o st to
impo rt:
D o cumentary
co mpliance
(USD )
Austria 1 100.0 0 0 1.0 0.0 0.0 0.0 1.0 0.0
Germany 42 91.8 36 345 1.0 45.0 0.0 0.0 1.0 0.0
Morocco 58 85.6 6 156 26.0 67.0 57.0 228.0 26.0 116.0
Oman 64 84.1 28 279 7.0 107.0 39.0 244.0 7.0 124.0
Jordan 75 79.0 53 131 6.0 100.0 79.0 206.0 55.0 190.0
Bahrain 77 78.7 59 47 24.0 100.0 42.0 397.0 60.0 130.0
Saudi Arabia 86 76.0 37 319 11.0 73.0 72.0 464.0 32.0 267.0
Tunisia 90 74.6 12 375 3.0 200.0 80.0 596.0 27.0 144.0
United Arab Emirates 92 74.1 27 462 5.0 140.0 54.0 553.0 12.0 283.0
Qatar 101 71.5 25 382 10.0 150.0 48.0 558.0 72.0 290.0
Iran, Islamic Rep. 123 66.2 101 415 33.0 60.0 141.0 660.0 40.0 90.0
Libya 129 64.7 72 575 72.0 50.0 79.0 637.0 96.0 60.0
Lebanon 153 57.9 96 480 48.0 100.0 180.0 790.0 72.0 135.0
Kuw ait 162 52.6 84 665 72.0 227.0 72.0 634.0 96.0 332.0
Guinea 167 47.8 72 778 139.0 128.0 79.0 809.0 156.0 180.0
Egypt, Arab Rep. 171 42.2 48 258 88.0 100.0 240.0 554.0 265.0 1000.0
Algeria 172 38.4 80 593 149.0 374.0 210.0 409.0 96.0 400.0
Iraq 181 25.3 85 1118 504.0 1800.0 131.0 644.0 176.0 500.0
Sudan 185 19.0 180 967 190.0 428.0 144.0 1093.0 132.0 420.0
Yemen, Rep. 188 0.0

ECONOMY
Charting
CEO’s Guide to
The Economy 58
Enforcing contracts in Egypt is harder than in any other
country in MENA
Enforcing Contracts rank
Economy Rank DTF* Time (days)
Cost (%of claim
value)
Quality of judicial
processes index (0-18)
Singapore 1 84.5 164 26 16
United Arab Emirates 9 75.9 445 21 14
Saudi Arabia 51 65.3 575 28 12
Bahrain 59 63.8 635 15 9
Morocco 60 63.7 510 27 10
Oman 69 61.9 598 15 8
Kuwait 74 61.4 566 19 8
Tunisia 88 58.4 565 22 7
Iran, Islamic Rep. 90 58.2 505 19 5
Jordan 110 55.6 642 31 8
Algeria 113 54.8 630 22 6
Qatar 115 54.6 570 22 5
Lebanon 131 50.8 721 31 7
Yemen, Rep. 143 48.5 645 30 4
Libya 145 48.4 690 27 4
Greece 146 48.1 1711 22 13
Iraq 147 48.0 520 28 2
Sudan 148 47.8 810 20 4
Egypt, Arab Rep. 166 40.0 1010 26 4

ECONOMY
Charting
CEO’s Guide to
The Economy 59
Resolving insolvency in Egypt takes 2.5 years and the
recovery rate is rather low
Resolving Insolvency rank
Economy Rank DTF*
Recovery rate
(cents on the
dollar)
Time
(years)
Cost (%of
estate)
Outcome (0 as
piecemeal sale
and 1 as going
concern)
Strength of
insolvency
framework index
(0-16)
Finland 1 92.7 88 0.9 3.5 1.0 14.5
United States 2 90.5 81 1.0 10.0 1.0 15.0
Bahrain 60 58.2 41 2.5 9.5 0.0 11.5
Tunisia 69 54.2 51 1.3 7.0 0.0 8.5
Morocco 73 52.9 29 3.5 18.0 0.0 12.0
United Arab Emirates 80 49.3 28 3.2 20.0 0.0 11.0
Algeria 81 49.2 51 1.3 7.0 0.0 7.0
Oman 97 44.0 41 3.0 7.0 0.0 7.0
Egypt, Arab Rep. 104 42.2 23 2.5 22.0 0.0 9.5
Jordan 112 39.7 27 3.0 20.0 0.0 8.0
Kuwait 115 39.2 32 4.2 10.0 0.0 7.0
Qatar 123 38.0 30 2.8 22.0 0.0 7.0
Iran, Islamic Rep. 133 35.1 36 1.5 15.0 0.0 5.0
Lebanon 151 29.1 31 3.0 15.0 0.0 4.0
Sudan 152 28.8 30 2.0 20.0 0.0 4.0
Yemen, Rep. 159 26.9 21 3.0 15.0 0.0 5.0
Marshall Islands 167 9.2 17 2.0 38.0 0.0 0.0
Saudi Arabia 168 0.0
Iraq 168 0.0
Libya 168 0.0

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Charting Egypt

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