EGYPT MINIMUM WAGE INCREASE, EXPORT BOOM AND STRIKE RESTRICTIONS MAY CREATE COLD CALM IN CLOTHING SECTOR
May 19th, 2024
The increase in Egypt’s minimum wage by 50% this year has been met with a backlash from the private sector, including its clothing and textile sector, which already has had to deal with high inflation and a weak currency. Garment exporters, however, have absorbed the higher costs, riding the success of securing surging exports to the USA and Europe during 2024.
In February (2024), the government was forced to raise the national minimum wage in the face of surging living costs, with the price of food having risen by 48.5% compared to February 2023, and annual ...
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