Egypt

The overall Egyptian economy shows looks relatively well positioned compared to the sluggish recovery experienced in the rest of the world, especially by the developed states. Although we expect exports to act as a drag on economic growth over the medium term, we see Egypt in place for a long-term return to near-trend growth over the longer term, lifted by increasing private sector demand and investment. Nonetheless, with upcoming parliamentary and presidential elections, there are risks that could overshadow these positive developments. If the political instability degenerates into public dissatisfaction, we caution that downside risks to the development of the

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