Washington DC – Gian Maria Milesi-Ferretti, the deputy director in the Research Department of the International Monetary Fund (IMF), told Daily News Egypt that Egypt’s economy is doing well as it is growing at a very reasonable rate.
Milesi-Ferretti noted that, however, it was a difficult moment for emerging markets earlier in 2018 due to capital outflows, but thing should be calm by now.
“The challenge as usual is to reduce the reliance on the state economy and to improve the investment climate, which can help with the economic growth and continuing the reform programme’s implementation,” he elaborated. “Emerging markets, with Egypt among them, have significantly calmed down. Moreover, I hope that the market will remain calm as it is in a good mood now.”
He commented that it is hard to predict any shocks in the emerging market because there are many sources of tensions in the region. Therefore, policymakers have to prepare for any changes in their markets.