{"id":547379,"date":"2022-06-20T04:18:15","date_gmt":"2022-06-20T04:18:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/fitch-slashes-egypts-gdp-growth-forecast-for-next-fiscal-year-by-more-than-1-point\/"},"modified":"2022-06-20T04:18:15","modified_gmt":"2022-06-20T04:18:15","slug":"fitch-slashes-egypts-gdp-growth-forecast-for-next-fiscal-year-by-more-than-1-point","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/fitch-slashes-egypts-gdp-growth-forecast-for-next-fiscal-year-by-more-than-1-point\/","title":{"rendered":"Fitch slashes Egypt\u2019s GDP growth forecast for next fiscal year by more than 1 point"},"content":{"rendered":"

<\/a> Fitch has cut Egypt\u2019s GDP growth forecast for FY2022-2023 to 4.4% <\/strong>from a prior projection of 5.5%, saying the economy will grow more slowly next fiscal year due to inflationary pressures, it said in its monthly outlook on North Africa.<\/p>\n

What they said:<\/strong> \u201cWe estimate that growth has slowed to 3.6% in 1H2022 and will continue to weaken over the coming quarters as a double-digit inflation weighs on household income, public investment slows and a full recovery in the tourism sector is delayed,\u201d Fitch Solutions said.<\/p>\n

REMINDER- <\/strong>Egypt\u2019s annual inflation hit a three-year high of 13.5% in May<\/a>as rising global commodity prices and the devaluation of the EGP put upwards pressure on consumer prices, leaving it further outside of the central bank\u2019s 7% (\u00b1 2%) target range.<\/p>\n

It\u2019s not only us: Fitch says it holds a \u201cpessimistic macroeconomic outlook\u201d for most North African countries<\/strong> after the Russian invasion of Ukraine sent food and energy prices soaring. Hardest hit will be the region\u2019s net oil importers Morocco, Egypt and Tunisia, as the crisis weighs on their economic activity and fiscal and external deficits, it said.<\/p>\n

North Africa\u2019s real GDP growth will decelerate from 5.4% in 2021 to 4.2% in 2022 and 3.8% in 2023<\/strong>, Fitch predicts, as inflation and monetary tightening continue to impact private consumption and slower economic growth in Europe hits exports.<\/p>\n

Higher rates across the region? <\/strong>Central banks will continue a monetary tightening cycle, Fitch predicts, forecasting the Central Bank of Egypt (CBE) to hike interest rates by an additional 100 bps during the remainder of 2022 in a bid to bring inflation down. The CBE has hiked rates by 300 basis points (bps) since March, when it also allowed the EGP to slip against the USD. Most analysts we polled<\/a> expect the bank to keep rates unchanged in its upcoming meeting on Thursday, though many are also predicting another 50-200 bps in hikes by the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch has cut Egypt\u2019s GDP growth forecast for FY2022-2023 to 4.4% from a prior projection of 5.5%, saying the economy will grow more slowly next fiscal year due to inflationary pressures, it said in its monthly outlook on North Africa. What they said: \u201cWe estimate that growth has slowed to 3.6% in 1H2022 and will […]<\/p>\n","protected":false},"author":1,"featured_media":547380,"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":[104,72,8565,348,182,2069],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-fitch","tag-gdp","tag-inflation","tag-north-africa","wpautop","entry"],"acf":{"mongo_id":"965b83fa-dcfb-40d5-adaf-2980518f0c75","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/3\/Fitch-1600px-e1607166889853.jpg","photo_position":"above","related_issue":[547371],"teaser":"","voice_url":""},"yoast_head":"\nFitch slashes Egypt\u2019s GDP growth forecast for next fiscal year by more than 1 point - 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\/06\/20\/fitch-slashes-egypts-gdp-growth-forecast-for-next-fiscal-year-by-more-than-1-point\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch slashes Egypt\u2019s GDP growth forecast for next fiscal year by more than 1 point\" \/>\n<meta property=\"og:description\" content=\"Fitch has cut Egypt\u2019s GDP growth forecast for FY2022-2023 to 4.4% from a prior projection of 5.5%, saying the economy will grow more slowly next fiscal year due to inflationary pressures, it said in its monthly outlook on North Africa. 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While the weighted average GDP growth rate for the MENA region is expected to come in at 1.9% in FY2018-19 and 2.8% in FY19-20, Fitch says it sees Egypt\u2019s GDP\u2026","rel":"","context":"In "Speed Round"","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":546046,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/sp-fitch-ratings-affirm-credit-rating-at-bb-b-say-outlook-stable-despite-russia-ukraine-war\/","url_meta":{"origin":547379,"position":1},"title":"S&P, Fitch ratings affirm credit rating at BB, B+, say outlook stable despite Russia-Ukraine war","author":"enterpriseam admin","date":"26 April 2022","format":false,"excerpt":"S&P and Fitch Ratings have both affirmed Egypt\u2019s BB and B+ credit ratings with a stable outlook, despite surging food and energy prices caused by the war in Ukraine putting pressure on the country\u2019s finances, the two ratings agencies said last week (here and here). The agencies attributed their affirmed\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\/4\/351.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564979,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/10\/fitch-gives-long-term-fx-debt-outlook-a-%f0%9f%91%8d\/","url_meta":{"origin":547379,"position":2},"title":"Fitch gives long-term FX debt outlook a ?","author":"enterpriseam admin","date":"10 March 2021","format":false,"excerpt":"Fitch Ratings affirmed Egypt\u2019s long-term FX issuer default rating at \u2018B+\u2019 with a \u2018stable\u2019 outlook. The outlook is supported by the country\u2019s track record of fiscal and economic reforms, which authorities continued to enact, and a large economy, \u201cwhich has demonstrated stability and resilience through the global health crisis,\u201d the\u2026","rel":"","context":"In "SPEED ROUND: MACRO"","block_context":{"text":"SPEED ROUND: MACRO","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-macro\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/440.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573294,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/fitch-affirms-egypts-long-term-fx-issuer-rating-at-b-outlook-stable\/","url_meta":{"origin":547379,"position":3},"title":"Fitch affirms Egypt\u2019s long-term FX issuer rating at B+; outlook stable","author":"enterpriseam admin","date":"28 July 2020","format":false,"excerpt":"Fitch Ratings affirmed yesterday Egypt\u2019s long-term foreign-currency issuer default rating at \u2018B+\u2019 with a \u2018stable\u2019 outlook. The ratings agency said that Egypt\u2019s \u201crecent track record of fiscal and economic reforms, policy commitment to furthering the reform program and ready availability of fiscal and external financing in the face of the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/224.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568218,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/citi-bullish-on-egypt\/","url_meta":{"origin":547379,"position":4},"title":"Citi bullish on Egypt","author":"enterpriseam admin","date":"22 December 2020","format":false,"excerpt":"GDP to return to pre-pandemic levels next year -Citi: Egypt\u2019s economy is expected to grow by 4.6% in FY2020-2021 and 5.4% the following year, according to a Citibank report picked up by the local press. It said it expects tourism to continue rebounding in 1H2021 and offset some of the\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\/2020\/12\/376.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556371,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/24\/fitch-ratings-affirms-egypts-long-term-fx-issuer-default-rating-at-b-outlook-stable\/","url_meta":{"origin":547379,"position":5},"title":"Fitch Ratings affirms Egypt\u2019s long-term FX issuer default rating at B+; outlook stable","author":"enterpriseam admin","date":"24 October 2021","format":false,"excerpt":"Fitch Ratings affirmed Egypt\u2019s long-term foreign-currency issuer default rating (IDR) at \u2018B+\u2019 with a stable outlook on Wednesday. The rating is supported by Egypt\u2019s \u201crecent track record of fiscal and economic reforms,\u201d coupled with its large economy, which has remained stable and resilient through the global health crisis, as \u201ccontinued\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\/2021\/10\/239.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\/547379","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=547379"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547379\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547380"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547379"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547379"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}