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Egypt Business Activity Worsens in Reversal of 3 Months of Gains

Business conditions for Egypt’s non-oil private sector worsened toward the end of 2020 as the pandemic hit demand and triggered an acceleration in job cuts.

The IHS Markit Purchasing Managers’ Index dropped to 48.2 in December, reversing three months of expansion for the Arab world’s most populous nation. A reading of 50 or more indicates growth; Egypt’s PMI was 50.9 in November.