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Egypt's economic outlook dampened as Gaza crisis intensifies

Egypt's economic outlook dampened as Gaza crisis intensifies

Posted on January 29, 2024 |

Egypt's economic growth is expected to be slower due to a weaker local currency, rising inflation, and repercussions from the Gaza crisis.

Suez Canal revenue saw a 40% decline in early January, impacted by sea attacks diverting shipping by Yemen's Houthis.

The ongoing Gaza crisis, which began in October, weakened the tourism outlook.

Moody's also downgraded Egypt's sovereign debt outlook from stable to negative.

Challenges arise in a $3 billion IMF financial support package as Egypt delays plans to shift to a flexible exchange rate and sell state assets.

The growth projection for 2024/25 is 4.15%, lower than the previously anticipated 4.50%.

The central bank notes a slowdown in the economy, estimating a decrease from 3.9% in the first quarter to 2.9% in the second quarter of 2023.

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