In Egypt, Government and Poor Struggle with Troubled Economy

Russia’s invasion of Ukraine, now in its second year, has pushed up food and energy prices worldwide, adding another layer to Egypt’s economic crisis, the Associated Press reported. Soaring inflation, a severely weakened currency and other problems have followed decades of government mismanagement and broader disruptions, starting with the turmoil from the 2011 Arab Spring popular uprising, then years of militant attacks, followed by the coronavirus pandemic and the war in Ukraine. The crisis has pushed many Egyptians out of the middle class, while the country’s poor — about one-third of the population — are cutting back on life’s essentials. Many are asking how long they can survive like this. Annual inflation reached 26.5% in January, the highest in five years, with food prices in urban areas soaring 48%, according to official figures. The war in Ukraine, which rattled the global economy, hit Egypt where it is financially vulnerable. The most populous Arab country and world’s biggest importer of wheat needs to buy a majority of its food from other countries to help feed its population of more than 104 million. Read more.