{"id":546462,"date":"2022-05-17T04:00:52","date_gmt":"2022-05-17T04:00:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/global-growth-prospects-appear-to-be-weakening\/"},"modified":"2022-05-17T04:00:52","modified_gmt":"2022-05-17T04:00:52","slug":"global-growth-prospects-appear-to-be-weakening","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/global-growth-prospects-appear-to-be-weakening\/","title":{"rendered":"Global growth prospects appear to be weakening"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Global growth prospects appear to be weakening<\/strong> after the EU cut its GDP forecast and data out of China pointed to slowing economic activity:<\/p>\n<ul>\n<li><strong>The EU has downgraded its 2022 eurozone growth forecast to 2.7%<\/strong> from 4% in February as the war in Ukraine takes its toll. Draft forecasts seen by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-14\/eu-cuts-euro-area-gdp-forecast-sees-6-1-inflation-draft-shows?sref=mmeFTDW1\">Bloomberg<\/a> also see inflation averaging 6.1% this year, almost double what it predicted three months ago.<\/li>\n<li><strong>China\u2019s economic activity drops as covid lockdowns bite: <\/strong>China\u2019s main measure of consumer activity, retail sales, plunged 11.1% y-o-y in April, while industrial production unexpectedly fell 2.9%, <a href=\"https:\/\/www.ft.com\/content\/41f80bad-0eca-445a-a7fb-922262611311\">the FT<\/a> reports, much of it on the back of the government\u2019s covid zero policy.<\/li>\n<\/ul>\n<p><strong>MEANWHILE- Vodacom is considering a bond issuance to fund its <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b47597a0-70d6-4847-8152-a200afcf370b\">EUR 2.34 bn<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b47597a0-70d6-4847-8152-a200afcf370b\">acquisition<\/a><\/strong><strong> of a majority stake in Vodafone Egypt<\/strong> which the company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/735d3852-e36a-4d32-8218-a0375bde59bd\">agreed<\/a> with UK parent Vodafone Group last year, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-16\/vodacom-mulls-bond-issue-changes-dividend-policy-to-fund-growth\">Bloomberg<\/a> reports.<\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,462<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: -12.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.23<\/p>\n<\/td>\n<td>\n<p>Sell 18.32<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.25<\/p>\n<\/td>\n<td>\n<p>Sell 18.32<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>9.25% deposit<\/p>\n<\/td>\n<td>\n<p>10.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,915<\/p>\n<\/td>\n<td>\n<p>-1.8% (YTD: +14.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,493<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: +11.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,419<\/p>\n<\/td>\n<td>\n<p>+2.8% (YTD: +7.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,008<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: -15.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,465<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +1.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,685<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: -14.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 114.24<\/p>\n<\/td>\n<td>\n<p>+2.4%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.02<\/p>\n<\/td>\n<td>\n<p>-0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,823.60<\/p>\n<\/td>\n<td>\n<p>+0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 30,097<\/p>\n<\/td>\n<td>\n<p>-3.8% (YTD: -35.2%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 0.7% at yesterday\u2019s close<\/strong> on turnover of EGP 817.87 mn (6.4% below the 90-day average). Local investors were net buyers. The index is down 12.5% YTD.<\/p>\n<p><strong>In the green: <\/strong>EFG Hermes (+3.3%), MM Group (+3.1%) and Sidi Kerir Petrochemicals (+1.1%).<\/p>\n<p><strong>In the red: <\/strong>TMG Holding (-4.7%), Orascom Construction (-4.6%) and Orascom Development Egypt (-4.4%).<\/p>\n<p><strong>Most <\/strong><strong>Asian markets are marginally in the green <\/strong><strong>this morning<\/strong>, and shares in Europe and the US are on course to follow suit later today, according to stock futures.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global growth prospects appear to be weakening after the EU cut its GDP forecast and data out of China pointed to slowing economic activity: The EU has downgraded its 2022 eurozone growth forecast to 2.7% from 4% in February as the war in Ukraine takes its toll. Draft forecasts seen by Bloomberg also see inflation [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7210],"tags":[116,214,107,72,7192,119,348,122,467,142],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546462","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-china","tag-cit","tag-covid-19","tag-enterpriseam","tag-eu","tag-financial-markets","tag-gdp","tag-planet-finance","tag-vodacom","tag-vodafone-egypt","wpautop","entry"],"acf":{"mongo_id":"ddf581f3-3a73-4923-afbe-96ec2d087583","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[546443],"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>Global growth prospects appear to be weakening - 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\/global-growth-prospects-appear-to-be-weakening\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global growth prospects appear to be weakening\" \/>\n<meta property=\"og:description\" content=\"Global growth prospects appear to be weakening after the EU cut its GDP forecast and data out of China pointed to slowing economic activity: The EU has downgraded its 2022 eurozone growth forecast to 2.7% from 4% in February as the war in Ukraine takes its toll. 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This is a downwards revision from the 3.3% growth economists predicted in the last poll the newswire conducted in October. The forecast sits at the lower end of the Finance Ministry\u2019s most recent GDP\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\/1\/343.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570765,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/14\/finmin-leaves-fy2020-2021-gdp-growth-figures-unchanged-from-pre-covid-expectations\/","url_meta":{"origin":546462,"position":2},"title":"FinMin leaves FY2020-2021 GDP growth figures unchanged from pre-covid expectations","author":"enterpriseam admin","date":"14 April 2020","format":false,"excerpt":"BUDGET WATCH- In a climate of global uncertainty, the Finance Ministry is leaving its projection for FY2020-2021 GDP growth unchanged for the moment, suggesting the figure will come in at 4.5%, according to the draft budget (pdf) released yesterday. The document makes explicit that the ministry will revisit its growth\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570345,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/29\/egypt-cuts-gdp-growth-forecast-to-5-1-from-5-6-in-fy-2019-2020\/","url_meta":{"origin":546462,"position":3},"title":"Egypt cuts GDP growth forecast to 5.1% from 5.6% in FY 2019-2020","author":"enterpriseam admin","date":"29 March 2020","format":false,"excerpt":"Gov\u2019t revises downwards economic growth forecast this fiscal year to 5.1%: The government has cut its GDP growth forecast for the fiscal year ending in June 2020 to 5.1% from 5.6% as the covid-19 outbreak takes its toll on the global economy, said Planning Minister Hala El Said, according to\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\/3\/320.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599783,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/10\/world-bank-sees-egypt-growth-accelerating-0-2-faster-this-year\/","url_meta":{"origin":546462,"position":4},"title":"World Bank sees Egypt growth accelerating 0.2% faster this year","author":"enterpriseam admin","date":"10 January 2019","format":false,"excerpt":"World Bank sees Egypt growth accelerating 0.2% faster this year: The World Bank sees Egypt\u2019s economic growth accelerating 0.2% faster in 2019 than originally anticipated in 2018, according to its Global Economic Prospects 2019: Darkening Skies report, which it released yesterday. Nonetheless, the World Bank maintained its forecast for Egypt\u2019s\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\/1\/2429.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":546462,"position":5},"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 &quot;Economy&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546462","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=546462"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546462\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546443"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546462"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546462"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}