Two-Track Recovery Makes Egypt an Investor Hit as Poverty Climbs - Bloomberg:
It’s the fastest-growing economy in the Middle East and a darling among emerging-market investors, yet poverty has climbed and companies are struggling.
As Egypt concludes a three-year International Monetary Fund program designed to help pull the Arab world’s most populous nation out of economic turmoil, the indicators shown in the following charts are a vivid snapshot of the disparities.
Inflation is finally slowing, the budget deficit is being whittled down and its bonds are among the world’s best performers. At the same time, businesses are cautious and there’s little fresh foreign investment beyond oil and gas. Most Egyptians have been hit hard by a devaluation that saw the pound lose more than half its value and subsidy cuts that sent prices soaring, adding to President Abdel-Fattah El-Sisi’s challenge of containing social unrest.
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