Listen 0:00 / 0:00 − 1.0x + Default Ready While the international economy was groaning under the effect of the pandemic and a global GDP shrinkage of 3.60 per cent, Egypt celebrated a world-record growth rate above three per cent both in 2020 and 2021. The Egyptian government received the expected praise from the Washington-based financial temples, which ignored essential vulnerabilities in the Egyptian economy behind the lustrous figures. The Egyptian economy’s growth pattern has depended on the expanding governmental investment in infrastructure and real estate over the past few years. The government relied on loans to finance this expansion, building up unprecedented foreign debt of about $137 billion. The Russian war on Ukraine following the coronavirus hit came to … Continue reading Egypt’s countdown to a new bread uprising