Expert:Research,development prerequisite for economic boom in region

Economic expert hailed the report issued for reinforcing the best ways and policies to improve the economic and social development of the Arab countries

Commenting on the 16th Scientific Conference of Arab Society for Economic Research recently opened by Minister of Planning and Economic Development Dr. Hala EL Saeed, Economic expert Dr Hassan Youssef hailed the report issued during the conference for reinforcing the best ways and policies to improve the economic and social development of the Arab countries.

Over the phone to (Cairo Local Time), he said that the report was a collaboration between the Arab Planning Institute and the Society of Arab Researchers presenting the experiences of different countries and crisis management bodies. They put forward a set of recommendations for economic growth in the post-pandemic era, he added, assuring that procedures and measures are necessary to stimulate sustainable economic growth that provide job opportunities.

He shed light on the positive indicators of Egypt's economy as it grew at a rate of 6.6% in the fiscal year 2021/2022, which is considered the highest growth rate in the last 14 years, despite the Covid-19 pandemic and the Russian-Ukrainian war. The unemployment rate has also come down in the last quarter of 2021 to around 7.2 %, he illustrated, and hence Egypt has jumped about 19 positions on the human development reports of the UN and the World Bank.

Further, he noted that Egypt's progress reflects the success of development plans implemented by the country over the past years, including national projects and presidential initiatives in numerous fields such as the Decent Life Initiative which will be extended to Africa as well.

Dr. Youssef highlighted the National Planning Institute plans to boost financial development issues which play a vivid role in determining the outcome of the development model in Arab countries.

He hailed the great improvement and performance of the Egyptian economy together with the private sector which has played its role in financing development projects and in diversifying the productive structure of the economy.

The expert further assured that there will be more importance given to the agriculture sector industries, and to the technology and communication sectors. A lot of support will be given to allow small and medium enterprises to grow, he declared.

Referring to the COP 27 scheduled next November in Sharm el-sheikh, he reaffirmed that it is going to get Egypt a lot of clout trying to get various parties to finance development and green economy projects in Africa.

Moreover, he believes that achieving sustainable development affects the economic conditions in all countries. Egypt and Arab countries change visions and ideas in order to build successful experiences especially in the light of the development cases and the cooperation between public and private sectors as well as NGOs for the vision of 2030, he stressed.

Concluding, he stated that there is now a stark collaboration among Arab countries which provides economic integration; some countries have capital and surplus such as the gulf countries, others have fertile lands such as Sudan and Egypt having the skilled labour force and the market.

(Cairo Local Time) is aired from Saturday to Thursday. This episode is presented by Amal Mokhtar.