{"id":546303,"date":"2022-05-11T03:57:53","date_gmt":"2022-05-11T03:57:53","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/ebrd-downgrades-regional-growth-outlook\/"},"modified":"2022-05-11T03:57:53","modified_gmt":"2022-05-11T03:57:53","slug":"ebrd-downgrades-regional-growth-outlook","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/ebrd-downgrades-regional-growth-outlook\/","title":{"rendered":"EBRD downgrades regional growth outlook"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>E<\/strong><strong>BRD downgrades regional growth forecasts as war continues in Ukraine: <\/strong>The European Bank for Reconstruction and Development (EBRD) downgraded its growth forecast for the nations in which the lender operates in its latest <a href=\"https:\/\/ent.news\/2022\/5\/RegionalEconomicProspects_May2022_web.pdf\">Regional Economic Prospects report (pdf)<\/a>. The EBRD now sees overall growth across its seven regions slowing to 1.1% in 2022 from 6.7% last year \u2014 a downwards revision of 0.6 percentage points since its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7bb6d97b-7276-45d0-9229-3cd9c8496e22\">last forecast in March<\/a>. Growth is set to be hampered by high inflation, which approached a 14-year high of 11.9% across the regions in March.<\/p>\n<p><strong>A tricky spot for the region: <\/strong>Regional governments\u2019 finances \u201chave been depleted after they have injected a lot of liquidity into the covid recovery and are now struggling to do the same to moderate food price inflation,\u201d EBRD SEMED chief Heike Harmgart said.<\/p>\n<p><strong>The EBRD is still forecasting <\/strong><strong>the Egyptian economy to <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7bb6d97b-7276-45d0-9229-3cd9c8496e22\">grow at a 3.1% clip<\/a><\/strong><strong> this year<\/strong>, having in March revised down its projection from the 5.0% it penciled in last November on the back of rising food and energy prices. The economy should rebound to register 6.0% growth in 2023. Growth in the wider Southern and Eastern Mediterranean (SEMED) region is also still projected to register 2.5% during 2022.<\/p>\n<p><strong>Concerns about global growth are mounting:<\/strong> The report comes amid growing concerns about the direction of the global economy as the war in Ukraine and rising interest rates threaten to push some of the world\u2019s biggest economies into recession. The IMF is now expecting a \u201c<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/773b32f1-c37f-45ca-8845-65d05411a210\">significant slowdown<\/a>\u201d in global growth this year due to the conflict and signs are increasing that the <a href=\"https:\/\/www.cnbc.com\/2022\/05\/06\/we-see-a-big-recession-in-the-making-top-ceos-fear-worst-in-europe.html\">eurozone<\/a>, the <a href=\"https:\/\/www.weforum.org\/agenda\/2022\/05\/united-states-recession\">US<\/a> and <a href=\"https:\/\/finance.yahoo.com\/news\/global-markets-asian-stocks-retreat-035125250.html\">China<\/a> could soon fall into recession.<\/p>\n<p><strong>The report launched at a panel discussion during the EBRD\u2019s annual meeting <\/strong>and business forum in Marrakech, which will wrap up on Thursday (<a href=\"https:\/\/video.ebrd.com\/media\/Regional+Economic+Prospects+2022\/0_2xfmoe1x\">watch, runtime: 1:08:59<\/a>).<\/p>\n<p><strong>The foreign press took note:<\/strong> <a href=\"https:\/\/www.reuters.com\/business\/energy\/russia-gas-flow-stop-could-erase-post-covid-recovery-across-ebrd-region-report-2022-05-10\/\">Reuters<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-10\/ukraine-s-economy-to-shrink-30-this-year-due-to-war-ebrd-says?sref=mmeFTDW1\">Bloomberg<\/a> picked up the report.<\/p>\n<p style='font-size: 18px;font-weight: bold' >EBRD ON FOOD SECURITY, GREEN HYDROGEN<\/p>\n<p><strong>The EBRD is in negotiations with Egypt, Morocco and Tunisia to help raise their food <\/strong><strong>storage capacities and expand food suppliers<\/strong>, the lender\u2019s Southern and Eastern Mediterranean Managing Director Heike Hargmart told <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/ebrd-help-boost-middle-eastnorth-africa-food-storage-2022-05-10\/\">Reuters<\/a> during the bank\u2019s meetings. \u201cWe are in early discussions on what is needed on capital investment to boost storage facilities,\u201d she said.<\/p>\n<p><strong>Plans to improve regional food security:<\/strong> The EBRD is also partnering with the World Bank to help Egypt, Lebanon and Jordan improve regional food security, she added, without disclosing further entails. It is also in discussions with financial institutions in Egypt and Morocco to uease trade financing amid increasing food demand, she said.<\/p>\n<p><strong>EBRD sees green hydrogen potential in Egypt: <\/strong>Egypt and Morocco are the two SEMED countries with the best potential to produce green hydrogen, Harmgart said at an Egypt-specific panel event in Marrakech yesterday, adding that the EBRD is keen to continue funding local hydrogen projects (<a href=\"https:\/\/video.ebrd.com\/media\/Egypt+Investment+Outlook+session\/0_kz1ul69f\">watch, runtime: 1:04:36<\/a>). International Cooperation Minister Rania Mashat, SCZone chairman Yehia Zaki, and Scatec CEO Terje Pilskog joined Harmgart on the panel to discuss the future of green hydrogen and renewable energy in Egypt. Scatec is a key player in the consortium set to build <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b3e6cad-637c-4ca8-afe6-94472fcc12d4\">a 100 MW green hydrogen plant in Ain Sokhna<\/a>, one of the landmark projects approved ahead of the COP27 climate summit in November.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EBRD downgrades regional growth forecasts as war continues in Ukraine: The European Bank for Reconstruction and Development (EBRD) downgraded its growth forecast for the nations in which the lender operates in its latest Regional Economic Prospects report (pdf). The EBRD now sees overall growth across its seven regions slowing to 1.1% in 2022 from 6.7% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":546304,"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":[571,104,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-ebrd","tag-economy","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"131620eb-0ef4-46bf-b4ea-a8b66532e159","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/138.jpg","photo_position":"above","related_issue":[546293],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>EBRD downgrades regional growth outlook - 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\/05\/11\/ebrd-downgrades-regional-growth-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EBRD downgrades regional growth outlook\" \/>\n<meta property=\"og:description\" content=\"EBRD downgrades regional growth forecasts as war continues in Ukraine: The European Bank for Reconstruction and Development (EBRD) downgraded its growth forecast for the nations in which the lender operates in its latest Regional Economic Prospects report (pdf). The EBRD now sees overall growth across its seven regions slowing to 1.1% in 2022 from 6.7% [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/ebrd-downgrades-regional-growth-outlook\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-11T03:57:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/138.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/ebrd-downgrades-regional-growth-outlook\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/ebrd-downgrades-regional-growth-outlook\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"EBRD downgrades regional growth outlook\",\"datePublished\":\"2022-05-11T03:57:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/ebrd-downgrades-regional-growth-outlook\/\"},\"wordCount\":536,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/ebrd-downgrades-regional-growth-outlook\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/138.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EBRD\",\"economy\",\"EnterpriseAM\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/ebrd-downgrades-regional-growth-outlook\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/ebrd-downgrades-regional-growth-outlook\/\",\"name\":\"EBRD downgrades regional growth outlook - 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The EBRD now sees overall growth across its seven regions slowing to 1.1% in 2022 from 6.7% [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/ebrd-downgrades-regional-growth-outlook\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2022-05-11T03:57:53+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/138.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/ebrd-downgrades-regional-growth-outlook\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/ebrd-downgrades-regional-growth-outlook\/"},"author":{"name":"enterpriseam 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&quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/963.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566601,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/ebrd-is-a-bit-more-optimistic-about-our-growth-prospects\/","url_meta":{"origin":546303,"position":1},"title":"EBRD is a bit more optimistic about our growth prospects","author":"enterpriseam admin","date":"29 June 2021","format":false,"excerpt":"Egypt\u2019s economy to grow 4.5% in FY2021-2022, says EBRD in June update: The European Bank for Reconstruction and Development (EBRD) sees economic growth in Egypt slowing down to 2.5% in the state\u2019s ongoing fiscal year, which ends on 1 July, before recovering to 4.5% in FY2021-2022, the bank said in\u2026","rel":"","context":"In &quot;SPEED ROUND: ECONOMY&quot;","block_context":{"text":"SPEED ROUND: 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The bank says in its latest regional outlook growth will\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/11\/2312.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":661543,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/02\/ebrd-trims-egypts-2025-growth-forecast\/","url_meta":{"origin":546303,"position":3},"title":"EBRD trims Egypt\u2019s 2025 growth forecast","author":"enterpriseam admin","date":"2 March 2025","format":false,"excerpt":"The EBRD now sees the economy growing at a 4.2% clip in 2025","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1239.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555217,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/07\/ebrd-raises-egypts-fy-2021-2022-growth-outlook\/","url_meta":{"origin":546303,"position":4},"title":"EBRD raises Egypt\u2019s FY 2021-2022 growth outlook","author":"enterpriseam admin","date":"7 November 2021","format":false,"excerpt":"EBRD is more optimistic about Egypt\u2019s growth outlook: Egypt\u2019s economy is on track to grow 4.9% in FY2021-2022, the European Bank for Reconstruction and Development (EBRD) said in its latest Regional Economic Prospects report (pdf) on Thursday. This is an upwards revision of 0.4 percentage points from the bank\u2019s June\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/345.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597944,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/09\/stalling-foreign-investment-and-lack-of-competitiveness-key-risks-to-egyptian-economic-growth-ebrd\/","url_meta":{"origin":546303,"position":5},"title":"Stalling foreign investment and lack of competitiveness key risks to Egyptian economic growth- EBRD","author":"enterpriseam admin","date":"9 May 2019","format":false,"excerpt":"Stalling foreign investment, high inflation are key risks to Egyptian economic growth- EBRD: A lack of foreign investment, persistent high inflation and the recent appreciation of the EGP are key risks to the Egyptian economy, the European Bank for Reconstruction and Development (EBRD) has said. The strengthening currency and current\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/120.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\/546303","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=546303"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546303\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546293"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546304"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546303"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546303"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}