{"id":544942,"date":"2022-03-29T04:00:13","date_gmt":"2022-03-29T04:00:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/govt-downgrades-fy-2021-2022-gdp-forecast\/"},"modified":"2022-03-29T04:00:13","modified_gmt":"2022-03-29T04:00:13","slug":"govt-downgrades-fy-2021-2022-gdp-forecast","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/govt-downgrades-fy-2021-2022-gdp-forecast\/","title":{"rendered":"Gov\u2019t downgrades FY 2021-2022 GDP forecast"},"content":{"rendered":"

<\/a> Surprise: The economy won\u2019t grow as much as expected this year<\/strong> due to Russia\u2019s war in Ukraine:<\/strong> The government has lowered its growth outlook for FY 2021-2022 to 5.7% from 6.4% due to the economic impact of the war in Ukraine, Planning Minister Hala El Said told Bloomberg Asharq yesterday (watch, runtime 1:15<\/a>).<\/p>\n

The government had upped its GDP projection just days before the war broke out: <\/strong>The Planning Ministry hiked its full-year projection to 6.2-6.5% last month on the back of strong 2Q figures<\/a> that beat expectations.<\/p>\n

The war changed everything<\/strong>: \u201cThe repercussions of the Russian-Ukrainian crisis and its effects on inflation and growth globally have reflected on us, so we now expect our growth rate to witness a bit of slowdown, to record 5.7%.by the end of the year,\u201d said El Said.<\/p>\n

Next year\u2019s growth forecast has been downgraded, too: <\/strong>The government now sees the economy growing at a 5.5% clip<\/a> in FY 2022-2023 in its newly-revised draft budget, down from the 5.7% figure that was forecast before the conflict. Prime Minister Moustafa Madbouly has directed the Finance Ministry to restructure the draft budget and cut back on spending as rising food and energy prices increase pressure on state finances.<\/p>\n

\n

The government\u2019s privatization plans have been scaled back:<\/strong> The government aims to offer shares in four or five companies this year, according to El Said<\/a>. The companies are in the energy, financial, and ins. sectors, she said. The government had originally aimed to sell shares in as many as 10 firms<\/a> in 2022, but the deteriorating global market conditions caused by the conflict have forced it to rethink its plans.<\/p>\n

Continuing the 2021 revival?<\/strong> The government\u2019s privatization drive made a successful comeback late last year with the IPO of state fintech player e-Finance<\/a> and a secondary offering of Abu Qir Fertilizers<\/a>. Until e-Finance went live on the EGX in October, the privatization program had only seen one secondary sale since launching at the beginning of 2018.<\/p>\n

Who are the candidates?<\/strong> These are some of the state companies that we know have plans to sell shares on the EGX: Heliopolis Housing<\/a> | Misr Life<\/a> | Banque du Caire<\/a> | Mopco<\/a>. The state also plans to offer to strategic investors stakes in military-owned companies including bottled-water maker Safi<\/a> and filling station operator Wataniya<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Surprise: The economy won\u2019t grow as much as expected this year due to Russia\u2019s war in Ukraine: The government has lowered its growth outlook for FY 2021-2022 to 5.7% from 6.4% due to the economic impact of the war in Ukraine, Planning Minister Hala El Said told Bloomberg Asharq yesterday (watch, runtime 1:15). The government […]<\/p>\n","protected":false},"author":1,"featured_media":544943,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[1549,104,72,727,1341,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economic-forecast","tag-economy","tag-enterpriseam","tag-hala-el-said","tag-russia-ukraine-conflict","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"7206091d-85f9-42f4-9092-59a11e3ea203","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/684.jpg","photo_position":"above","related_issue":[544938],"teaser":"","voice_url":""},"yoast_head":"\nGov\u2019t downgrades FY 2021-2022 GDP forecast - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/govt-downgrades-fy-2021-2022-gdp-forecast\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t downgrades FY 2021-2022 GDP forecast\" \/>\n<meta property=\"og:description\" content=\"Surprise: The economy won\u2019t grow as much as expected this year due to Russia\u2019s war in Ukraine: The government has lowered its growth outlook for FY 2021-2022 to 5.7% from 6.4% due to the economic impact of the war in Ukraine, Planning Minister Hala El Said told Bloomberg Asharq yesterday (watch, runtime 1:15). 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The projection marks an upwards revision of a previous prediction for 5.4% growth.The state is slightly more optimistic on\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548924,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/28\/egyptian-economy-grew-6-6-in-fy-2021-2022-says-planning-minister\/","url_meta":{"origin":544942,"position":2},"title":"Egyptian economy grew 6.6% in FY 2021-2022, says planning minister","author":"enterpriseam admin","date":"28 August 2022","format":false,"excerpt":"The Egyptian economy grew at a 6.6% clip in FY 2021-2022, up from 3.3% the previous year, according to initial figures announced by Planning Minister Hala El Said during a cabinet meeting on Thursday. The state\u2019s fiscal year runs 1 July-30 June.The economy grew faster last year than gov\u2019t was\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/410.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547085,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/world-bank-revises-fy-2021-22-growth-forecast-up-to-6-1\/","url_meta":{"origin":544942,"position":3},"title":"World Bank revises FY 2021-22 growth forecast up to 6.1%","author":"enterpriseam admin","date":"8 June 2022","format":false,"excerpt":"The World Bank has again revised upwards its projection for Egypt\u2019s GDP growth by 0.6 percentage points to 6.1% for FY 2021-2022. The bank in January expected growth to come in at 5.5%, but \u201cstronger-than-expected activity for the first half of the fiscal year\u201d saw it hike its forecast in\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/187.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609402,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/economic-growth-almost-halves-to-3-8-in-22-23-planning-ministry\/","url_meta":{"origin":544942,"position":4},"title":"Economic growth almost halves to 3.8% in 22-23 \u2013Planning Ministry","author":"enterpriseam admin","date":"5 November 2023","format":false,"excerpt":"Egypt recorded growth of 3.8% in FY 22-23, with forecasts for FY 2023-24 at 4.2%","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/135.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544781,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/21\/govt-lowers-fy-2022-2023-budget-targets-as-ukraine-conflict-strains-finances\/","url_meta":{"origin":544942,"position":5},"title":"Gov\u2019t lowers FY 2022-2023 budget targets as Ukraine conflict strains finances","author":"enterpriseam admin","date":"21 March 2022","format":false,"excerpt":"FinMin trims budget targets as Ukraine conflict weighs on state finances: The Finance Ministry has revised downwards its fiscal targets for FY 2022-2023 as rising commodities prices put pressure on public finances, according to figures published in an Ittihadiya statement yesterday evening.Deficit still on course to narrow: The government now\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/272.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544942"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544942\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544938"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/544943"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544942"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544942"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}