During her participation at the World Economic Forum (WEF) in Davos, under the theme “Cooperation for the Smart Era,” Dr. Rania Al-Mashat, Egypt’s Minister of Planning, engaged in high-level discussions on various key issues. These included the future of global growth, inflation trends, gender equality, and Africa’s development. The forum provided a platform for world leaders, policymakers, and experts to tackle pressing economic challenges and explore collaborative solutions.
Global Growth and Inflation Outlook
Dr. Al-Mashat joined other global leaders, including Saudi Arabia’s Minister of Economy Faisal Al-Ibrahim, Harvard’s Lawrence Summers, and Chicago Booth’s Rajan Rajan, in a session on the “Future of Growth.” The discussions focused on global growth expectations, with projections of a 3.3% growth rate for 2025, slightly below the historical average of 3.7%. Dr. Al-Mashat highlighted the forecasted improvement in Sub-Saharan Africa’s growth, contrasting it with the stagnation in Europe and emerging economies.
During her address, Dr. Al-Mashat presented Egypt’s national narrative for economic development, emphasizing the country’s strategic framework for fostering sustainable growth. The Egyptian government is committed to aligning its planning, economic, and international cooperation efforts to maximize the effective use of both domestic and international resources. She explained how the merger of the Ministry of Planning, Economic Development, and International Cooperation is aimed at strengthening Egypt’s role in planning and executing its social and economic development agenda, while also driving foreign investment and local industrialization.
Sustainable Growth Amid Global Uncertainty
Dr. Al-Mashat also participated in a session titled “Sustainable Growth in Turbulent Times,” alongside IMF Managing Director Kristalina Georgieva, WEF’s Managing Director Mirik Dosick, and UNCTAD Secretary-General Rebecca Greenspan. She discussed the impact of ongoing global crises since 2020, including regional and international tensions, which have hindered growth, particularly in developing and emerging economies.
She stressed that while economic stability is critical, it is not sufficient on its own to ensure sustainable and resilient growth. She called for comprehensive structural reforms to address short-term imbalances and ensure long-term stability. Furthermore, Dr. Al-Mashat emphasized the importance of economic diversification, focusing on productive sectors and green transformation as key drivers of sustainable development and job creation. She highlighted the need for skill development and education reforms to align with market demands in a rapidly evolving global economy.
Tackling Inflation and Economic Policy Adjustments
In a session on “Inflation: Past, Present, and Future,” Dr. Al-Mashat, together with experts like Peru’s central bank governor Julio Velarde and Switzerland’s National Bank Chairman Martin Schlegel, discussed inflation trends and their implications on global markets. She noted that inflation rates in Egypt had surged since 2020, driven by the pandemic and exacerbated by the Russia-Ukraine conflict.
Dr. Al-Mashat emphasized the Egyptian government’s efforts to control inflation through a mix of fiscal policies, including improved governance of public investments and targeting inflation through monetary policies. She also highlighted the potential impact of U.S. protectionist policies on inflation rates worldwide and the prospects for stabilizing global prices in the near future, particularly with the easing of monetary policies in 2025.
Gender Equality as an Economic Growth Driver
In a session titled “Closing the Gender Gap for Resilient Economies,” Dr. Al-Mashat underlined the importance of gender equality for inclusive economic growth. She referenced a World Bank report indicating that closing the gender gap in employment and entrepreneurship could potentially increase global GDP by over 20% over the next decade.
Dr. Al-Mashat explained that investing in women’s education, health, and skills directly enhances productivity and positively influences economic growth. By creating equal opportunities for women, Egypt aims to foster a more resilient economy capable of withstanding global shocks and ensuring long-term stability.
Strengthening Digital Cooperation
Al- Mashat held a meeting with the founding Secretary-General of the c Organisation (DCO), Deemah AlYahya, and board member of the Saudi Authority for Intellectual Property, to explore opportunities for collaboration in the digital economy and innovation.
