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2.11 AFRICA: Egypt
2018/01/22
Egypt moved to free float its currency in November 2016, a reform required by the IMF to receive its funding. The resulting funding has helped make more foreign exchange available, but has also sparked a sharp drop in the value of Egypt’s currency and has led to higher prices for imported goods and commodity. Accounting for approximately 80% of GDP, private consumption is the economic mainstay of the country. According to the IMF, Egypt’s GDP growth rate in 2016 was 4.3% and forecast to be 4.1% in 2017, but more reforms are needed to improve the ongoing shortage of foreign currency in the country. Reductions in government subsidies for fuel and the introduction of a value-added tax, part of the government’s reform efforts, are prompting concerns about a downturn in consumption.
 
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