A measure of Egypt’s non-oil economy dropped to the lowest in 21 months as inflationary pressures made worse by Russia’s invasion of Ukraine as well as a weaker currency led to sharp decreases in output and new orders. Companies reduced job numbers for the fifth month in a row and business confidence fell to a record in March as Egypt contends with the surging cost of energy, food and raw materials, according to a survey of purchasing managers by S&P Global. In a glimpse at the conflict’s spillover effects on Egypt, its purchasing managers’ index declined to 46.5 from 48.1 in February, staying below the 50 mark that separates growth from contraction for the 16th straight month. Non-oil firms experienced the worst declines in output, new orders and stocks of purchases since the first wave of the coronavirus pandemic. “The downturn was clearest to see in industrial sectors such […]