Special Issue: Egypt

“Despite vulnerabilities, Egypt should avoid a full blown balance of payments crisis”

Main Points

  • Egypt was one of the fastest growing emerging markets in pre-COVID-19 times, yet lagging behind its peers
  • External pressures in the aftermath of COVID-19 and the Russia-Ukraine conflict eroded the buffers Egypt had built, forcing the CBE to break the EGP’s peg with the USD
  • EGP depreciation should bear most of the burden of the necessary external adjustment, helping Egypt to avoid a full-blown balance of payments crisis
  • Egypt has strong upside potential for growth

Special Issue: Egypt

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