94 - Egypt's Economic Crisis: A Perfect Storm?
The Red Line
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The Economic Crisis in Egypt
Egypt's economy has had serious structural issues that have needed to be addressed consistently over the past 30 years. The state owes $155 billion in external debt, and that number is growing quickly with the weakening Egyptian pound. On top of that, sales taxes soared to making up nearly 48% of the Egyptian state revenue - meaning poorer Egyptians are bearing the vast majority of the tax burden now. But this isn't even the first financial crisis Egypt has been through in recent times: it already took massive bailouts from Saudis, Emiratis, US, and IMF.
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