Budget deficits have been slashed while foreign reserves in 1997 were at an all-time high. And Egypt has been moving toward a more decentralized, market-oriented economy. These economic reforms and growing investment opportunities have prompted increasing foreign investment, but incoming capital has largely been concentrated in stock market portfolio flows. Egypt's economy also has been hit by a sharp downturn in tourism a key foreign exchange and job producing sector following the 17 November 1997 massacre of foreign tourists at Luxor. Although Egypt will probably regain these revenues over time, the slump in tourism is likely to slow the GDP growth rate in 1998.
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