Arab Finance: The Mastercard Economics Institute expects real consumer spending in Egypt to rise by 1.2% year on year (YoY) in 2024, according to the institution’s Economic Outlook 2024 report.

Consumers and businesses in the North African state are also likely to face crucial decisions in terms of spending and investing next year, as per the report.

Price variations and interest rates have significantly impacted budgets, limiting the available resources, Mastercard Economics highlighted.

Moreover, the report projected tourism to remain a positive for many of the Middle East and North Africa (MENA) region’s economies, while policy changes are being carried out in Egypt to address and reduce macroeconomic imbalances.

“A strong labor market underpins consumer purchasing power and the Mastercard Economics Institute anticipate the easing of monetary policy will help sustain consumer spend in interest-sensitive sectors,” David Mann, Chief Economist, Asia Pacific and EEMEA, Mastercard, said

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