Fragile Fundamentals Under the Strain of Global Crisis: Egypt’s Economy During and After COVID-19

Source: The Tahrir Institute for Middle East Policy

Author(s): Timothy E. Kaldas

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It’s increasingly clear that the outbreak of COVID-19 will be devastating for the global economy. The IMF has declared that the economic fallout will be the worst since the great depression and “far worse than the global financial crisis.” In the case of Egypt, not only is the economic fallout of the pandemic likely to erase many of the limited gains that have come about as a result of the reforms undertaken since 2016, but the country’s dependence on debt-driven stimulus and often fragile sources of dollars, coupled with the global nature of the crisis, will exacerbate the economic strain it endures and is likely to complicate its ability to finance its recovery when this health crisis is over. As is the case in many nations, this crisis is exposing the structural weaknesses in Egypt’s economy and the human costs that spring from them.

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