According to global economist Mohamed El-Erian, the Egyptian economy is operating in an unstable environment because the Group of Seven and developed countries’ economies are experiencing unprecedented crises for the first time since World War II. These crises include the collapse of the value of their knowledge, criticism of their policies from the International Monetary Bank, and the need for urgent central bank interventions.
In a speech at the Economic Conference Egypt 2022, Al-Arian further explained that the more unstable the global economies are, the more they will affect emerging economies like Egypt.
As a result of the Russian-Ukrainian War and the shock of skyrocketing food prices, Al-Arian noted that central banks all over the world are attempting to limit inflation. The American Federal Reserve, for example, hiked the interest rate on the dollar, which put pressure on currencies. developing economies.
Mohamed Al-Arian: The context in which the Egyptian economy operates is unstable.
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