How Israel’s war on Gaza is bleeding Egypt’s economy

Tourists ride horses in front of the Great Pyramid of Giza, on the outskirts of Cairo, on October 26, 2023. Egypt's tourism revenue could drop by 30 percent in 2024 because of Israel's continuing war on Gaza [Mohamed Abd El Ghany/ Reuters]

Already facing a deep crisis, Egypt’s economy appears poised to take a hit from Israel’s war on Gaza and the spiralling tensions in the Red Sea, analysts have said.

Currently on “life support”, Egypt’s deteriorating economy suffers from growing public debt now at more than 90 percent of its gross domestic product (GDP), capital flight and the currency’s fall against the US dollar.