While Egypt continues to face considerable economic challenges as it confronts the legacy of its recent political history, there is room for optimism in 2017. A process of fiscal reform is under way, a long-awaited legal framework aimed at attracting new investment is almost in place and the largest gas find in the Mediterranean promises to nearly double the nation’s gas reserves. Obstacles to growth, however, remain in the form of a stubborn fiscal deficit and a troubled currency, the flotation of which, while seen as necessary, threatens to raise the cost of living for importers and households.
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