World Bank Pledges to Help Egypt Confront Risks of Developments

The World Bank (WB) pledged to help Egypt and other developing countries confront the risks of development, as many developing countries, including Egypt, seek to implement an economic reform.

The statements came in the annual report issued by the WB.

The report, titled “Risk and Opportunity: Managing Risk for Development”, added that, on a scale of 1 to 7, Egypt scored 3.76 for goods market efficiency between 2012 and 2013 and scored 3.06 for labor market efficiency during the same period.

The WB report said that Egypt’s rigidity in adjusting to changing market conditions and its low compliance with laws and regulations are prime hindrances to the country’s business environment.

The report added that flexibility and formality are two of the most important characteristics in enhancing the ability of the enterprise sector to contribute to people’s resilience and prosperity.

“An enterprise sector that is flexible is more capable of responding to shocks by allocating resources within and across enterprises, promoting risk sharing, and innovating in an ever-changing world,” the report indicated.