{"id":546447,"date":"2022-05-17T04:00:52","date_gmt":"2022-05-17T04:00:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/govt-lowers-economic-growth-target-for-next-fiscal-year-plus-remittances-were-up-again-in-march\/"},"modified":"2022-05-17T04:00:52","modified_gmt":"2022-05-17T04:00:52","slug":"govt-lowers-economic-growth-target-for-next-fiscal-year-plus-remittances-were-up-again-in-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/govt-lowers-economic-growth-target-for-next-fiscal-year-plus-remittances-were-up-again-in-march\/","title":{"rendered":"Gov\u2019t lowers economic growth target for next fiscal year Plus: Remittances were up again in March"},"content":{"rendered":"

<\/a> The Madbouly government has cut its 2022-2023 growth forecast to 4.5%<\/strong> from 5.5%<\/a>, a cabinet statement<\/a> quoted Prime Minister Moustafa Madbouly as saying yesterday. The government was predicting 5.5% growth in the coming fiscal year as recently as last week, when it published its draft budget<\/a>.<\/p>\n

Russia\u2019s war in Ukraine has already caused the government to temper its forecast<\/strong>, trimming its outlook in March<\/a> from its 5.7% target<\/a> announced at the beginning of the year. Russia\u2019s invasion of Ukraine has caused global commodity prices to soar and volatility in financial markets, threatening to undermine the economy and putting pressure on the balance of payments.<\/p>\n

This is beneath the IMF\u2019s most recent appraisal:<\/strong> In April, the Fund forecast 5.0% growth<\/a> in 2022-2023, down slightly from 5.6% previously.<\/p>\n

IN OTHER ECONOMY NEWS- <\/strong><\/p>\n

Remittances from Egypti<\/strong>ans abroad <\/strong>rose <\/strong>2%<\/strong> in 3Q 2021-2022 to <\/strong>USD 8 bn<\/strong>, according to Enterprise calculations based on new central bank figures (pdf)<\/a> released yesterday. Inflows over the first nine months of the year reached USD 23.6 bn, up 1% from the same period a year earlier.<\/p>\n

This puts us <\/strong>on track to at least match last fiscal year\u2019s record<\/strong>:<\/strong> Inflows reached a record<\/a>USD 31.4 bn<\/a> in FY 2020-2021. Egypt is one of the largest recipients of remittances in the world, and they become an increasingly important source of foreign currency, particularly following the hit to tourist revenues caused by the covid-19 pandemic.<\/p>\n

That\u2019s exactly what the World Bank expects:<\/strong> The World Bank has forecast remittances to<\/a>rise 8%<\/a> in 2022, from USD 32.2 bn in the previous calendar year. This would put the figure at around USD 34.8 bn.<\/p>\n

Surging oil prices fuelling flows?<\/strong> Egyptian expats sent USD 3.3 bn back to the country in March, up almost 13% from March 2021 and 44% higher than February. The bulk of remittances are sent from Egyptians working in the Gulf, making them sensitive to oil fluctuations. The rise in inflows in March coincided with a surge in oil prices, which reached their highest levels since 2008 on the back of Russia\u2019s invasion of Ukraine.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Madbouly government has cut its 2022-2023 growth forecast to 4.5% from 5.5%, a cabinet statement quoted Prime Minister Moustafa Madbouly as saying yesterday. The government was predicting 5.5% growth in the coming fiscal year as recently as last week, when it published its draft budget. Russia\u2019s war in Ukraine has already caused the government […]<\/p>\n","protected":false},"author":1,"featured_media":546448,"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":[571,104,72,8565,348,272,1874,1653],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-ebrd","tag-economy","tag-enterpriseam","tag-fitch","tag-gdp","tag-imf","tag-mostafa-madbouly","tag-sp","wpautop","entry"],"acf":{"mongo_id":"d8333c14-37f1-4063-91f9-23559eccddbd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/209.jpg","photo_position":"above","related_issue":[546443],"teaser":"","voice_url":""},"yoast_head":"\nGov\u2019t lowers economic growth target for next fiscal year Plus: Remittances were up again in March - 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\/17\/govt-lowers-economic-growth-target-for-next-fiscal-year-plus-remittances-were-up-again-in-march\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t lowers economic growth target for next fiscal year Plus: Remittances were up again in March\" \/>\n<meta property=\"og:description\" content=\"The Madbouly government has cut its 2022-2023 growth forecast to 4.5% from 5.5%, a cabinet statement quoted Prime Minister Moustafa Madbouly as saying yesterday. 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The statement didn\u2019t provide any details about the talks. Madbouly\u2019s statement comes amid growing pressure on the EGP and\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\/354.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544833,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/cabinet-approves-austerity-budget-trims-gdp-outlook\/","url_meta":{"origin":546447,"position":2},"title":"Cabinet approves austerity budget, trims GDP outlook","author":"enterpriseam admin","date":"23 March 2022","format":false,"excerpt":"GDP forecast downgraded as cabinet signs off on 2022-2023 budget: Egypt has revised downwards its GDP forecast for FY 2022-2023, according to figures in the draft budget that was approved by ministers yesterday. The government sees the economy growing at a 5.5% clip in the coming fiscal year, according to\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\/309.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579158,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/economy-to-grow-4-8-this-fiscal-year-reuters-poll\/","url_meta":{"origin":546447,"position":3},"title":"Economy to grow 4.8% this fiscal year -Reuters poll","author":"enterpriseam admin","date":"29 January 2023","format":false,"excerpt":"The economy could grow more than the gov\u2019t thinks this fiscal year: The economy will grow at a 4.8% clip in FY 2022-2023, according to a Reuters poll of economists. That\u2019s down from 6.6% last year, but above government forecasts. The Madbouly government is currently predicting GDP growth to come\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\/2023\/1\/473.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":546447,"position":4},"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":543775,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/9-economic-growth-hedging-wheat-and-privatization-get-air-time-in-pms-presser\/","url_meta":{"origin":546447,"position":5},"title":"9% economic growth, hedging wheat, and privatization get air time in PM\u2019s presser","author":"enterpriseam admin","date":"17 February 2022","format":false,"excerpt":"Egypt\u2019s economy grew at a 9% clip in 1H2021-2022, with 8.3% growth during the second quarter of the current fiscal year, Prime Minister Moustafa Madbouly said at a presser yesterday (watch, runtime: 1:09:38). By comparison, our GDP growth came in at 1.3% in 1H2020-2021, Planning Minister Hala El Said said,\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\/2\/240.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\/546447","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=546447"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546447\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546443"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546448"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546447"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546447"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}