Russia-Ukraine War Will Hit Egypt's External Position Through Multiple Channels, Weighing On Currency Outlook
Country Risk / Egypt / Fri 11 Mar, 2022
Key View
- We at Fitch Solutions anticipate that Russia’s invasion of Ukraine will result in a wider current account deficit in Egypt, coming in at 4.3% of GDP in FY2021/22 (July 2021 – June 2022) and 4.2% of GDP in FY2022/23.
- Higher wheat prices will increase the import bill while reduced tourist arrivals from the two countries will depress