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Egyptian economy experiences 'sharp fall' from Ukraine war

According a S&P Global, Egypt’s non-oil sector has taken a subtantial hit, and the government is focusing on wheat imports in particular.

A leading credit rating agency said today that the Russian-Ukrainian war is hurting Egypt’s non-oil sector. 

The New York-based S&P Global released a report on Egypt’s Purchasing Managers’ Index. The index consists of surveys of businesspeople. A score above 50 indicates economic expansion, while one below 50 shows contraction. S&P Global is one of the “Big Three” credit rating agencies. 

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