Egypt's budget deficit and unemployment continue to rise as growth slows.
Egypt grew above 5% before the revolution, the economy barely growing now
Foreign reserves dropped just over a billion dollars in June to $14.92 billion
The euphoria that greeted the transition to military rule in Egypt and prompted a 12% rally in three days last week has quickly faded. Five days into the military’s rule in the country’s second revolution and the transition is looking as messy as the first time around.
Protests in support of Mohamed Morsy, and subsequent killings and injuries that have taken place, will make it even more challenging to stabilize the most populous country in this region.
Now the difficult financial work begins. The governor of Egypt’s central bank, Hisham Ramez, came to Abu Dhabi Sunday for private meetings but he tried to fly under the radar.