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.