Wait, what? Reinforcing our suspicion that business conditions are not quite as horrible as common wisdom, the PMI and the dumpster fire that is our nation’s FX policy would have it: A table (below) in a Financial Times story (paywall) on global flows of greenfield FDI in the first seven months of 2016 shows Egypt as the fifth-largest recipient. (We’d really, really like to see a breakdown, but none is publicly available.) By the same measure in 1H2015, the FT reported last year, Egypt ranked in fifteenth on among emerging markets. By contrast, Egypt was ranked tenth globally on an FT list this past summer that ranked countries according to greenfield FDI received relative to the size of the recipient’s economy.