Since the revolution in January, Egypt has been in a constant state of unrest. While the protests have been mostly peaceful, there are exceptions. The other week, dozens in one of Cairo’s slums—known as “Garbage City”—were throwing rocks at passing cars, demanding housing they had allegedly been promised by the government. This episode—as well the regular demonstrations on Tahrir Square—reveals that the revolution continues.

Civil unrest, as well as uncertainty surrounding new political institutions, is not helping the economy, which is also likely to be hit by the ongoing global economic slump. The estimates released recently by Egypt’s leading bank, EFG-Hermes, predict that the economy will contract by 3.3 percent this year. As a result, the budget deficit, which was projected to be 8.6 percent of GDP by the ministry of finance, is now expected to be in the neighborhood of 10 percent. That is very dangerous territory for a mid-income country, with an already huge debt burden.