According to a statement by the Ministry of Planning, “the slowdown in growth came against the backdrop of the consequences of global economic crises and geopolitical tensions in the region.” The Middle East“The effects of which were reflected in Egypt’s economic performance.”
She added that growth was also affected by “the contractionary policies pursued by the government to restore macroeconomic stability, most notably the governance of public investments.”
andEgypt Among the countries affected by the tensions related to the war in Gaza, which are currently expanding in Lebanon, and the related Houthi attacks on some ships passing through the Bab al-Mandab Strait, which led to the shift of many shipping lines away from… Suez Canal.
The Egyptian Ministry of Planning said, in its statement, that the impact of geopolitical tensions was particularly evident on the performance of the Suez Canal, whose activity declined sharply by 68 percent during the last quarter of the last fiscal year, ending at the end of June, “due to the risks resulting from threats to international maritime traffic.” In the Red Sea region and the tendency of tanker companies to shift their navigation routes to other alternative routes, which negatively affected the annual rate, which decreased by 30 percent.”
