The Nordic Africa Institute


Egypt's BRICS entry not "economic magic wand", researcher warns


Street market in Cairo: Photo by World Bank

Date • 8 Sep 2023

BRICS, a coalition comprised of five burgeoning economies that positions itself as a counterbalance to Western dominance, has extended invitations for membership to six additional nations, This announcement was made during their recent summit held in Johannesburg. Among them was Egypt. The country which has been mired in a steadily worsening economic crisis accepted the invitation to the bloc. While this entry has been framed as a political victory, NAI senior researcher Assem Abu Hatab warns that it is far from a quick fix to Egypt's problems but will likely have long term benefits.