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Thursday, 29 September 2016

Egypt moves up one place in WEF Global Competitiveness Report 2016-2017

EGYPT UP ONE PLACE on the World Economic Forum’s Global Competitiveness Report 2016-2017: Egypt came in 115th globally out of 138 countries in the WEF’s Global Competitiveness Report 2016-2017 (pdf), up one place from last year. Policy and government instability, as well as access to funding and FX regulations, were the biggest challenges to doing business in Egypt. The nation can take advantage of its large market (ranked 25th globally), as well as its close proximity to the European market in order to “step up its reform efforts and address the major rigidities that plague goods, labor, and financial markets, on which the country ranks 112th, 135th and 111th, respectively,” the report suggests. Switzerland, Singapore, and the United States cemented their status as the most competitive markets globally, while Chad, Mauritania, and Yemen were the least competitive.

From the missed opportunities department: In related news, Morocco — which ranks 70th on the index and whose automotive industry (non-existent a generation ago) now outpaces ours — has signed an agreement with Boeing to boost the kingdom’s aeronautics industry. “The ‘Boeing ecosystem’ project aims to bring around 120 suppliers of the company to help raise Morocco’s aeronautics exports by [USD 1 bn] and create 8,700 jobs,” Reuters says.

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