This article first appeared in May’s issue of Business Monthly. Despite the advent of computers and the internet in classrooms, most see that current education systems are lagging, especially in emerging markets. “It is striking to reflect on how little education has changed in recent decades,” The Economist said in January. “Laptops and interactive whiteboards hardly constitute disruption.” That stands in stark contrast to how much younger generations embrace technology. “Many parents bewildered by how their children shop or socialize would be unruffled by how they are taught,” the Economist said. “The sector remains a digital laggard.” Accordingly, it is…
Author: Tamer Hafez
This article first appeared in the May 2024 issue of Business Monthly. In today’s increasingly complicated, uncertain and intertwining world, high-quality elementary and secondary education is vital. “In addition to preparing students for the workforce, education systems are increasingly being asked to participate in resolving broader societal issues,” said a McKinsey & Company report in February. Those issues include mental health challenges among young people, political polarization and climate change. Despite their importance, education systems worldwide are noticeably deteriorating. “Student learning improvements are not keeping up with these demands,” the McKinsey report said. “More children than ever are in school,…
This article first appeared in May’s print edition of Business Monthly. Since mid-2023, the U.S. Federal Reserve has kept inflation rates below 4%, down from an all-time high of 9.1% in June 2022, by raising its benchmark interest rate from 0.25% in March 2022 to 5.5% since August. “The [Fed] has done an excellent job bringing down inflation,” Forbes Advisor Wayne Duggan said in a January op-ed. However, the Fed faces a new dilemma in 2024 and beyond. Should it raise the interest rate to force inflation closer to the Fed’s 2% target, risking stagnation or even recession, where GDP…
This article first appeared in May’s print edition of Business Monthly. One of the long-standing differentiators between developed and developing nations is the quality and accessibility of their education systems. To bridge that gap, the Egyptian Ministry of Education and Technical Education (MoETE) published a five-year pre-university education reform plan called the Education Sector Plan (ESP) 2023-2027. Its implementation started in the academic year 2023/2024. The plan seeks to “transform the Egyptian education system to ensure universal access to high-quality education and training, foundational learning for all, and skills for a sustainable future.” Its mandate covers “kindergarten to Grade 12.”…
This article first appeared in April’s print edition of Business Monthly. Emerging markets have always sought to attract foreigners to invest in manufacturing, construction, agriculture, and services to grow their economies. “FDI provides many benefits, including efficient capital allocation, access to financial markets and new technology, [and] increasing total factor productivity and growth,” said a note from the Economic Research Forum, a local think tank, in January 2023. However, FDI is increasingly challenging to secure. A January report from the UN Conference on Trade and Development (UNCTAD) said, “FDI to developing countries fell by 9% … in 2023.” Egypt faces…
This article first appeared in April’s print edition of Business Monthly. Generation Z (Gen Z) — those aged 12 to 27 — will be vital to every company’s long-term success. “As Gen Z’s spending power increases in the coming years, it is essential that banks understand what makes this generation tick and how best to meet its needs,” Giesecke+Devrient, a cybersecurity company focusing on banks, said in an undated research paper. Many Gen Zers are unsatisfied with most of the financial services on offer. The survey accompanying the Giesecke+Devrient research paper shows “34% believe their banks meet their needs, 47%…
This article first appeared in April’s print edition of Business Monthly. When ChatGPT, a free AI chatbot, launched in 2023, it put the spotlight on the entire artificial intelligence (AI) landscape. “Developments in AI have provoked a mixture of excitement and anxiety among commentators, politicians, policymakers and members of the public,” Jana Mackintosh, managing director of payments, innovation and resilience at UK Finance, a trade association, said in a November report. An August report from The Alan Turing Institute, the UK’s national institute for data science and artificial intelligence, stressed: “In its various forms, from simple rule-based systems to advanced…
This article first appeared in April’s print edition of Business Monthly. As prices of essentials and non-essentials increase (annual inflation was above 30% in 2023, dipping to 29.8% in January but jumping to 35% in February), many consumers will start to consider how they can maintain their lifestyles by paying for goods and services in installments. An October report from the Egyptian Financial Regulatory Authority (FRA) said that during the first half of last year, the number of individuals seeking “buy now, pay later (BNPL) schemes when making large or small purchases [increased] 27% … compared to the same period…
This article first appeared in March’s print edition of Business Monthly. Since 2022, the shortage of foreign currency in Egypt has been a significant concern for the government, businesses and investors. As of Feb. 9, the pound’s black market exchange rate was twice the official one as the government announced new import restrictions to curb dollar outflows. Sectors that require little or no foreign currency and whose products or services can be exported easily are vital for boosting dollar inflows. Enter the orange (creative) economy, which includes traditional handcrafts, photography, sculpting, and other works of art. It also covers architecture,…
This article first appeared in March’s print edition of Business Monthly. A quick way for a local entrepreneur to establish a brand name and loyal customers from day one is by affiliating with established local or foreign brands. In Egypt, that model has been a winner. “Franchising in Egypt has proved to be [a] successful business system, especially for food and beverage entities aiming to grow and expand in the Egyptian market,” law firm Youssry Saleh and Partners said in a note. “In some cases, it is convenient and more beneficial to purchase a franchise that is already established.” Despite…