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Bloomberg Names Egypt the 4th Most Vulnerable Emerging Market to External Shocks

Oil prices, emerging market problems and increasing interest rates all have a negative effect on Egypt's economy.

el moez street

A recent report issued by Capital Economics noted that an increasingly negative sentiment towards Turkey could have repercussions on other emerging markets, making financial conditions for them more difficult.

Last Thursday, emerging market stocks fell more than 2%, the highest daily fall since January 2016.

In September, it was reported by the Institute of International Finance that Egypt is one of three countries in the Middle East that are at risk from the emerging markets selloff.

Speaking to CNBC, Egypt’s recently-appointed Finance Minister Mohamed Maait says it’s no reason to be alarmed … yet. “It is worrying; however, we are able until now to absorb these negative effects. Egypt’s economy has sources to address this. However, I have to be very honest – up to a limit. So hopefully what is happening will be corrected and will move into a stable position, because yes we are absorbing all these shocks –oil prices, emerging market problems, increasing interest rates – but if they continue like that, it will be a problem for us.

On the other hand, the most robust markets according to the study are Thailand, Russia and Saudi Arabia.

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