Just over a month ago Egypt’s authorities underwent their dramatic shift to economic orthodoxy and the signs so far are more positive than in previous instances. The pound is more flexible, inflation has not surged, and capital inflows are returning at a strong pace. Elsewhere, the news that Saudi Arabia’s ‘The Line’ project will be delayed is not too much of a surprise, but if the Kingdom continues to struggle to entice foreign investment, wider delays to other projects could become more frequent. And finally, GDP growth in Morocco slowed in Q1 on the back of the drought, but we are more optimistic on the economy over the coming quarters.
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