Country Insight: Egypt – August 2021
The Egyptian economy has proven resilient in the face of the Covid-19 pandemic, but more recent PMI figures suggest that the recovery has since stagnated. The Delta variant has only recently been detected within Egypt’s borders, but the threat of a fourth wave of infections is real.
What you will learn from this report:
- The rollout of vaccinations has slowed and sudden efforts to ramp up the vaccination campaign probably won’t stave off a fourth wave of infections, which is expected in September.
- Consumer spending – which was already a key driver of economic growth in pre-pandemic times − has been supported by an accommodative monetary policy stance since the start of the pandemic.
- The tourism sector is expected to reach 2019 levels by 2024, but a faster-than-expected rollout of the domestic and global inoculation drive could see adjustments to this outlook.
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