Egyptian economy experiences ‘sharp fall’ from Ukraine war
Egyptian economy experiences ‘sharp fall’ from Ukraine war
A leading credit rating agency said today that the Russian-Ukrainian war is hurting Egypt’s non-oil sector.
The New York-based S&P Global released a report on Egypt’s Purchasing Managers’ Index. The index consists of surveys of businesspeople. A score above 50 indicates economic expansion, while one below 50 shows contraction. S&P Global is one of the “Big Three” credit rating agencies.
S&P Global gave Egypt a score of 46.5 for March, down from 48.1 in February. It was the sharpest decline since June 2020.
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