Key View 

• We expect that the Central Bank of Egypt will hold its overnight deposit and lending rates at 27.25% and 28.25% respectively until end-2024 mostly due to receding FX risks and slowing inflation.
• We think that the CBE will start its monetary policy easing cycle in 2025 as inflation will trend further down, from 29.0% in 2024 to 11.8% in 2025

Key View

• The Egyptian Drug Authority (EDA) will increase medicine prices, as a response to ongoing macroeconomic headwinds weighing on domestic drugmakers.
• High Out-Of-Pocket payments and reduced household spending power will erode Egypt’s pharmaceutical market value in real terms. 
• In 2024, the generic drug market share will reduce

Key View

• Egypt’s financial sector remains in a deep negative net foreign liability position which will continue to be the main risk to the banking sector over the course of the year. 
• We expect that deposit growth will accelerate from 17.0% in 2023 to 27.0% in 2024. Nominal deposit growth, however, does distort the picture given that

Key View: Egypt's expanding middle class will drive growth in the household goods sector across the forecast period, particularly within the household appliances sub-sector. There is considerable long-term potential within the sector, which remains relatively unsaturated and is attracting foreign investment. 

In North Africa, Algeria (4.4% of

Key View 

• We expect that lower Suez Canal receipts will cause Egypt’s current account deficit to widen from 1.4% of GDP (USD4.7bn) in FY2022/23 (July 2022-June 2023) to 2.9% of GDP (USD8.5bn) in FY2023/24. 
• Things will improve in late FY2023/24 with the conclusion of the Israel-Hamas war and the resolution of the Red Sea crisis, a new and

Key View

• Trade disruptions in the Red Sea will negatively impact the chemical and pharmaceutical raw material sector.
• Dwindling pharmaceutical raw material supplies will force Egypt-based drugmakers to operate at lower capacity.
• In the near term, Egypt’s pharmaceutical market size will contract in USD terms, before restabilising in the

Latest Developments: Telecom Egypt is reportedly making efforts to sell close to 90% of its tower portfolio. The front-runners in the race to acquire the operator’s assets are three tower companies: Helios Towers, IHS Towers, and Mobi Tower. We believe that this development may strengthen Telecom Egypt’s market positioning as cash generated

Key View

• The conclusion of the presidential election will allow the Egyptian authorities to successfully negotiate a new IMF programme, likely in Q124.
• We reiterate our belief that the negative implications of the Israel-Hamas war on the Egyptian economy and Cairo’s role as a mediator in the conflict will catalyse increased foreign financial

Key View

• Declining gas production in Egypt and the country's desire to maximise LNG exports poses considerable risk to the country's gas dependent power market.
• Increased pipelined gas imports from Israel hold potential to alleviate pressure on the country's domestic grid over the medium term.
• In the short term, the scheduled power cuts are

Key View

• We forecast high-single digit growth for Egypt’s medical device market over our forecast period.
• Medical device imports will face headwinds due to high inflation and a weak Egyptian pound.
• Egypt’s government will continue to prioritise healthcare as demand for services from the ageing population increases. 

We forecast high-single