Prime Minister: We Have Not Reached a Recession Stage in the Markets.. What Happened in 2024 Will Not Repeat
Prime Minister confirms that the markets have not yet reached a recession and that 2024 was an exceptional year that will not be repeated.
SUMMARY
Prime Minister Mostafa Madbouly confirmed that the inflation crisis affects many countries worldwide, and that the market fluctuations experienced in Egypt in 2024 were exceptional and will not recur. He pointed to price stability in 2025 and improvements in real estate and household appliance sales, with the government continuing to protect industries and markets.
KEY HIGHLIGHTS
- Inflation crisis affects many countries including the United States and Europe.
- 2024 was an exceptional year in the Egyptian market and will not be repeated.
- Price stability in the electrical appliances market in 2025.
- Improved real estate sales in 2025 compared to previous years.
- Government monitors the market and works to protect industries.
CORE SUBJECT
Market Conditions and Inflation in Egypt 2024-2025
Dr. Mostafa Madbouly, Prime Minister, stated that the inflation crisis is occurring in many countries around the world, including the United States and European countries.
He added during a press conference today, Wednesday, that there are issues related to the financial capacity of families in these countries and their inability to continue with the same consumption patterns they were accustomed to due to the significant rise in prices.
He mentioned that the discussion in Egypt on this matter revolves around household appliances, durable goods, and real estate, but comparisons are made with the situation in 2024, clarifying that last year was exceptional and will not happen again.
He continued: "In late 2023 - 2024, Egypt was suffering from a black market in the exchange rate, and some claimed that the dollar price would reach 100 Egyptian pounds. Any citizen holding money felt that this amount had no value, so it had to be invested or used to buy something to preserve its value."
He went on: "According to the income level of each family, many went to buy durable household appliances on the premise that their price might increase tenfold after a few years, while others resorted to buying very large real estate properties."
He pointed out that what happened in 2024 cannot be considered a measure of the normal market in Egypt, confirming that real estate developers assert that sales figures for 2025 are better than those of 2022 and 2023, excluding the situation in 2024.
He noted that regarding the electrical appliances market, citizens have become reassured that prices are stable and fixed, and may even decrease due to market competition, so citizens have become less hurried in their purchasing decisions.
He stated that citizens no longer buy goods for storage or even for trading and investment, explaining that the government is monitoring the market situation and that it has not reached a recession stage.
He noted that there is a slowdown compared to the market situation in 2024, which was exceptional, but the market wheel is still turning.
However, he affirmed that the government is committed to continuing work to protect various industries, which directly reflects on the markets.
KEYWORDS
MENTIONED ENTITIES 4
Mostafa Madbouly
👤 Person_MalePrime Minister of Egypt
Egypt
📍 Location_CountryCountry concerned with market and inflation conditions
United States
📍 Location_CountryCountry affected by the global inflation crisis
European countries
📍 Location_CountryCountries affected by the global inflation crisis
NOTABLE QUOTES 2
"In late 2023 - 2024, Egypt was suffering from a black market in the exchange rate, and some claimed that the dollar price would reach 100 Egyptian pounds. Any citizen holding money felt that this amount had no value, so it had to be invested or used to buy something to preserve its value."
Context: Statements during a press conference about market conditions and inflation
"According to the income level of each family, many went to buy durable household appliances on the premise that their price might increase tenfold after a few years, while others resorted to buying very large real estate properties."
Context: Statements during a press conference about consumer behavior in the market