Browsing: North Africa

Egypt, one of Africa’s strong economy—has seen a sharp rise in business activity which bounced back in June, marking a 4-month high record, as the North-African recovers from the coronavirus grip and showing signs of uneven recovery.

According to information from IHS Marki, Egypt non-oil sector rose sharply, while the Purchasing Managers Index (PMI) rose to 44.6 in June from 40.7 in May, remaining below the threshold of 50 that separates growth from contraction.

However, the rebound is felt evenly as still things tighten, unemployment has risen to 9.2 per cent, firms cutting wages at a fast pace in four years—hence HIS economist anticipates potential change.

READ:IMF $5.2 Billion Stand-By Arrangement for Egypt

A different view

On the other side, before the pandemic, the World Bank’s Macro Poverty Outlook noted that growth was driven by a macroeconomic stabilization program that was largely successful, generating a solid primary budget surplus, …