Results of a recent HSBC poll show that almost nine in 10 (89%) Egyptian businesses forecast revenue growth in 2021, whereas 83% foresee their bottom lines to bounce back to pre-Coronavirus levels by the end of 2022, Invest-Gate reports.
A third of Egypt’s businesses are more hopeful for a better future in 2021 more than in the previous year. With the large majority expecting revenue growth, two-thirds are adapting to the changing environment brought on by the health crisis, compared with 61% in the MENA region and 58% globally, as highlighted in the bank’s 2020 Navigator survey.
Moreover, almost eight in ten businesses predict a comeback to pre-COVID levels of profitability by the end of 2022. Despite difficult international trading conditions, which about half of businesses expect to carry on into 2021, almost nine in ten have a positive outlook on their international trade prospects over the next one-two years.
According to the report, nearly all show concerns about supply chains and have made changes. Sustainability is important for Egyptian businesses, with the majority having planned or set targets around environmental, social, and governance issues.
Similarly, the majority of Egyptian businesses (83%), just below the global average (85%), cite external factors such as the second wave of COVID-19 and an uncertain political environment as potential stumbling blocks to growth or recovery.