Already facing a deep crisis, Egypt’s economy appears poised to take a hit from Israel’s war on Gaza and the spiralling tensions in the Red Sea, analysts have said.
Currently on “life support”, Egypt’s deteriorating economy suffers from growing public debt now at more than 90 percent of its gross domestic product (GDP), capital flight and the currency’s fall against the US dollar.
Now, those challenges are being compounded by the war, as it edges closer and closer to Egypt’s border, with a large chunk of Gaza’s population pushed into Rafah, after four months of displacement as a result of Israel’s relentless attacks. Tourism and the Suez Canal are two of Egypt’s major sources of foreign exchange.
Bleak outlook for tourism
Egypt’s pyramids, museums, resorts and monuments attract visitors from all over the world and have long made tourism a major source of…
