As Parts of Economy Face Crisis, Others Appear More Resilient: Egypt
Ordinary Egyptians are buying lower-end merchandise as their purchasing power is eroded by inflation and the effects of Egypt's weakening currency on the prices of imported goods.
David Butter, an economist at Britain's Chatham House research group, told VOA that Egypt's rocky economy has been affected by a large increase in external and internal debt, made worse by a succession of crises, including COVID-19, the Russia-Ukraine conflict and increases in U.S. interest rates that have aggravated capital outflows from the country.
Butter notes that Gulf states came to Egypt's rescue by adding $13 billion in deposits to Egypt's central bank after international investors pulled $14 billion out of the country last year. Gulf states and the international community have helped Egypt out of numerous economic crises in recent years, including a $3 billion IMF loan in December.
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