Egypt

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Egypt continues to feel the pain of the global economic crisis, notably in the drying up of revenues from oil, Suez canal shipping and tourism, as well as a projected slowdown in FDI flows. Although we see growth remaining in positive territory, it will slow further in 2010/11, before picking up thereafter. On the political front, it remains fairly high risk, with the apparent infiltration of Egyptian territory by Hizbullah - and the subsequent worsening of tensions with Iran - having complicated matters still further.