Egypt

Egypt was one of the few economies to witness positive GDP growth in the first two years of the Covid-19 pandemic, fuelled in part by strong consumer spending. According to a November 2021 report from Fitch Solutions, real household spending expanded by around 7% in both 2020 and 2021 – despite the widespread impact of the pandemic, which hit key sectors such as tourism...

In an implementation of presidential directives, the support and social protection allocations have been increased to LE356bn ($22.6bn) in the new draft general budget. The Covid-19 pandemic and the challenges brought about by the war in Ukraine have created an unprecedented inflationary wave. This initiative will support the sectors and groups most affected by the current...

Egypt’s economy proved resilient during the Covid-19 pandemic, supported by structural changes associated with an ambitious economic reform programme in the years leading up to the crisis. The country was the only one in the MENA region to record positive GDP growth in 2020, reflective of the government’s emphasis on facilitating business continuity and targeting social...

Despite a successful economic reform programme implemented in 2016, Egypt continues to grapple with a fiscal deficit. In FY 2019/20 Egypt recorded a deficit of LE462.8bn ($29.4bn), the highest since the start of the 2016 reform initiatives. While this figure contracted to LE432.1bn ($27.5bn) in FY 2020/21, it is forecast to expand to LE475.5bn ($30.2bn) in FY 2021/22,...