Egypt’s economy under pressure

2024-11-17

The Suez Canal was once one of the busiest global shipping routes – a third of the world's shipping containers normally pass through it. Since the Houthis began to attack passing ships last year, the volume of vessels going through has declined rapidly.The canal is run by the Egyptian government, and fewer ships means less foreign currency coming into the economy.And it’s not just revenue from ships that Egypt is losing, it’s also losing tourists, as many people cancel their trips and spend...

The Suez Canal was once one of the busiest global shipping routes – a third of the world's shipping containers normally pass through it.

Since the Houthis began to attack passing ships last year, the volume of vessels going through has declined rapidly.

The canal is run by the Egyptian government, and fewer ships means less foreign currency coming into the economy.

And it’s not just revenue from ships that Egypt is losing, it’s also losing tourists, as many people cancel their trips and spend their dollars elsewhere.

We speak to businesses in Cairo to see how they’re being impacted by these changes, and ask, as Egypt loses out, are other countries winning? Presented and produced by Hannah Mullane (Image: A ship transits the Suez Canal towards the Red Sea on November 3, 2024 in Egypt. Credit: Getty Images)

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