Egypt’s economy spent much of 2016 on a respirator until it signed up for a $12bn loan from the IMF in November last year. Revenue from pillars of the economy such as tourism and the Suez Canal fell to multi-year lows.
Tourism was hit by terrorist attacks while the Suez Canal, despite a much-vaunted $8.5bn expansion in August 2015 (MEES, 31 July 2015), has suffered from the slowing of global trade amidst the backdrop of lower oil prices. (CONTINUED - 712 WORDS)
