Impact of the Russia-Ukraine war on fiscal balance in North Africa 2022, by country
The Russia-Ukraine war affected economic growth and government finances in North Africa. According to projections, the fiscal balance as a share of GDP declined in all North African countries due to the war. Considering the long-conflict scenario, with the war continuing after June 2022, Egypt's budget balance would correspond to minus 4.6 percent of the GDP in 2022. In contrast, the baseline scenario saw the fiscal balance at minus four percent of the GDP. In Libya, the ratio would reach minus 118.6 percent, compared to a baseline scenario of minus 117 percent.