Mr. Mohamed Omran, EGX’s chairman, said that the Egyptian economy needs the existence of essential basics to be in the right track. One of its priorities is the existence of a strong state with its various elements and the existence of a real political desire to reform.
EGX chairman speech was on the sideline of his participation today in the seminar organized by the faculty of Economics and Political Sciences in collaboration with the Japanese agent for international cooperation entitle “Towards achieving a complete Egyptian Growth”.
Dr. Omran reviewed the 3 stages the economy of the country is going through. The first phase was before January 2011 where the Egyptian ecomony marked a good position of Egypt among piers with an average growth rates of 6-7% during the years 2005 to 2010. In the midst of the global financial crisis our growth rate amounted to 4.7%.
Dr. Omran stated that the transitional after January 2011 gave no vision to investors about the future of Egypt which reflected negatively on their investments during this period leading to decline of most macroeconomic indicators in particular growth rates.
EGX’s chairman hopes that the current phase, which is expected to begin with President and Parliament elections along with the new Constitution will aspire all Egyptians in Egyptian economy to achieve growth rates of the gradient to target rates nearing the 7% or beyond.