Egypt finally made the long-awaited shift back toward economic orthodoxy on Wednesday with the pound being devalued, interest rates hiked aggressively, and a new and enhanced IMF deal agreed. There have been plenty of false dawns in Egypt over the past decade, but we think that momentum is more positive this time around. And while the recent policy moves will weigh on economic activity over the next year or two, this could be the first step on the path towards unlocking stronger GDP growth further out.
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