In its monthly report on the region’s economic outlook, the credit agency warned that, however, the crisis in Ukraine will affect the countries in Northern Africa and the Middle East.

If wheat prices remain high, current account deficits in the area will increase, it stressed.

A few days ago, the European Bank for Reconstruction and Development estimated that the Egypt’s GDP will slow down to 3.1 percent this year due to the Ukraine-Russia conflict, although it will rise to 6.0 percent by 2023.

Last month, the Egyptian Government also lowered its economic growth projections for the next fiscal year to 5.5 percent, two tenths fewer than expected in January due to the crisis in Ukraine.

According to official figures, Egypt, with 103 million people, is the world’s largest wheat importer. It imported 5.5 million tons in 2021, and 80 percent of that figure came from Russia and Ukraine.

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