Macroeconomic Forecast Egypt

April 2004 | Macroeconomic Forecasts

A raft of new subsidies has led us to revise our budget deficit forecasts downwards. The government's attempts to control food prices also poses a downside risk to consumer price inflation, though prices faced by private sector wholesalers will continue to rise. A strong outlook for tourism presents upside risks to growth, with January figures showing a 41% y-o-y rise in the number of travellers entering the country. In addition, the expansion of airports at Cairo and Sharm el-Sheikh, scheduled to begin in July, is set to double passenger capacity over four years, boosting tourism and facilitating business travel to the capital.

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