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Introduction
According to the World Bank, Egypt’s growth in
Fiscal Year 2018 – 2019 increased to 5.6% (up from 5.3%
the previous year), a rate that was sustained through the first
quarter of Fiscal Year 2019 – 2020. Growth has largely been
attributed to a macroeconomic stabilisation plan, which was
able to generate a solid budget surplus, reduce the country’s
debt-to-GDP ratio and replenish reserves. Naturally, further
growth in 2020 is expected to be hampered by the COVID-19
pandemic, which will have an impact on production and
exports. Sectors such as tourism and natural gas are likely to
be particularly hard hit due to travel restrictions and slumping
oil prices. In terms of cement, the country’s producers had
been under pressure since the military opened a US$1 billion
AND THE MIDDLE EAST
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