Egypt’s economy seems to be gradually picking itself u

In Focus Economics’ monthly Consensus Forecast’s report for May 2017 about the Middle East and North Africa stated that Egypt’s economy “seems to be gradually picking itself up, according to recent data.” The report said that the Purchasing Managers’ Index (PMI) rose to its highest levels in nine months by April, in spite of the deteriorating economic situation.

“Industrial production has surged so far this year, making up some of the ground lost in 2016, while the Central Bank’s reserves shored up again last month as investors flock back to the country. Inflation looks to be near peaking, albeit at an excruciatingly high rate, with consumers’ purchasing power withering as a result,” the report read.

Focus Economics said that currently, the International Monetary Fund (IMF), is in Cairo to assess the country’s progress after a bailout deal was signed last November, with a view to releasing the second tranche of funding in the coming months, according to the report.