The country has been badly hit by the fallout from Russia’s invasion of Ukraine
An Egyptian street vendor in old Cairo, Egypt. Picture: AMR ABDALLAH DALSH/REUTERS
Egypt devalued its currency twice in 2022, with a pledge in October to adopt a flexible exchange rate policy eventually helping the country to clinch a $3bn loan from the IMF. The purchasing managers’ index compiled by S&P Global, which measures the performance of the non-oil private sector economy, inched up to 47.2 in December, from 46.4 in November.
While firms “passed a greater proportion of their expenses on to clients”, concerns over costs spurred them to “reduce their headcounts and deplete input inventories in December, leading to an additional rise in backlogs of work”, he said.
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