Ongoing crises pressure emerging, developing economies including Egypt, Economist El-Erian tells Egypt’s Economic Conference 2022

Doaa A.Moneim , Sunday 23 Oct 2022

The ongoing global economic challenges has been affecting emerging and developing markets, including Egypt, putting heavy pressures on their economies and its exchange rate reserves, said the well-known economist and the President of Queens’ College Mohamed El-Erian.

Mohamed El-Erian
Global economist Mohamed El-Erian addressing Egypt s Economic Conference kicked off on Sunday in a recorded message

 

El-Erian made his comments in a recorded message aired during Egypt’s Economic Conference, which kicked off on Sunday at the New Administrative Capital in the presence of the President Abdel-Fattah El-Sisi.

The Egyptian-American economist noted that the Russian-Ukrainian conflict has curbed the global economy’s ability to grow as well as accelerated the headline inflation rates driven by the food and energy prices crisis.

“The majority of countries across the world have lost their ability to grow in terms of their economies as well as their capability of dealing with the ongoing crises,” according to El-Erian.

El-Erian also said that the shocks that global economy and the world financial system are experiencing are unprecedented, stressing that these challenges require a more sustainable and inclusive economic growth and a more resilient financial system rather than the artificial finances provided through the central banks across the world.

The three-day is being held in response to President El-Sisi’s directive to chart a clear path for the Egyptian economy amid the ongoing global crisis.

The conference focuses on exploring ways to increase the private sector’s share in Egypt’s economic activity and its GDP as well as ways to support the national economy while navigating the ongoing global economic crisis and its associated severe impacts.

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