{"id":547449,"date":"2022-06-22T04:26:57","date_gmt":"2022-06-22T04:26:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/recession-is-inevitable-if-the-economy-continues-in-this-direction-maait\/"},"modified":"2022-06-22T04:26:57","modified_gmt":"2022-06-22T04:26:57","slug":"recession-is-inevitable-if-the-economy-continues-in-this-direction-maait","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/recession-is-inevitable-if-the-economy-continues-in-this-direction-maait\/","title":{"rendered":"Recession is \u201cinevitable\u201d if the economy continues in this direction -Maait"},"content":{"rendered":"

We\u2018re not in a recession \u2014 but the risk is very much there, says Maait: <\/strong>\u201cWe are not yet in a recession\u201d despite the World Bank, IMF, and others have reduced their expectations for economic growth, Finance Minister Maait said in an interview with Bloomberg TV (watch, runtime: 10:02<\/a>) on the sidelines of the Qatar Economic Forum in Doha. \u201cBut if the current direction continues and even escalates, I believe that inevitably we will go for recession,\u201d Maait said, without putting a timeframe on the prediction.<\/p>\n

Maait pinpointed \u201celements leading us to recession,\u201d<\/strong> including years-high inflation<\/a>, high financing costs, food security issues, concern about the war in Ukraine, and pressure on many developing countries globally.<\/p>\n

Maait is \u201cworried\u201d that the CBE could hike rates yet further tomorrow: <\/strong>Maait expressed his concern that the central bank could push interest rates yet higher to curb inflationary pressures. \u201cYes, I am worried [about further significant rate hikes] and I hope that we can let the Egyptian economy grow. The high cost of financing will be a problem for industry, for the economy.\u201d<\/p>\n

A majority of <\/strong>analysts and economists <\/strong>we surveyed<\/a><\/strong> expect central bank policymakers to leave rates unchanged when they <\/strong>meet tomorrow <\/strong>to discuss interest rates. <\/strong>A separate poll from Reuters<\/a> suggests the CBE could enact a 50 bps rate hike in the face of persistent inflationary pressures.<\/p>\n

Each 100 bps hike in rates costs the public purse around EGP 30 bn<\/strong>, Maait told Bloomberg Asharq in a separate interview (watch, runtime: 11:24<\/a>).<\/p>\n

But inflation needs to be brought under control:<\/strong> \u201cInflation control is part of the core business of the central bank,\u201d Maait said, adding that inflation has not peaked and he expects prices to continue to rise on the back of higher costs for imported food and fuel.<\/p>\n

ALSO FROM MAAIT- <\/strong><\/p>\n

Green bonds don\u2019t come cheap:<\/strong> Maait reiterated his statements from earlier this month<\/a> that green bonds cost the country more than traditional eurobonds, Maait said during a panel at the Qatar Economic Forum organized by Bloomberg (watch, runtime: 20:58<\/a>) . \u201cThere was no advantage from green bonds, it was the opposite. Egypt had to do a lot of additional work [which] cost me more than the traditional eurobonds,\u201d he said. Reuters<\/a> also had the story.<\/p>\n","protected":false},"excerpt":{"rendered":"

We\u2018re not in a recession \u2014 but the risk is very much there, says Maait: \u201cWe are not yet in a recession\u201d despite the World Bank, IMF, and others have reduced their expectations for economic growth, Finance Minister Maait said in an interview with Bloomberg TV (watch, runtime: 10:02) on the sidelines of the Qatar […]<\/p>\n","protected":false},"author":1,"featured_media":547450,"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":[104,72,276,224,277],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-finance-ministry","tag-green-bonds","tag-mohamed-maait","wpautop","entry"],"acf":{"mongo_id":"00b92a7d-6f74-4777-9ce1-3e1d83411e94","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/270.jpg","photo_position":"above","related_issue":[547441],"teaser":"","voice_url":""},"yoast_head":"\nRecession is \u201cinevitable\u201d if the economy continues in this direction -Maait - 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\/22\/recession-is-inevitable-if-the-economy-continues-in-this-direction-maait\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Recession is \u201cinevitable\u201d if the economy continues in this direction -Maait\" \/>\n<meta property=\"og:description\" content=\"We\u2018re not in a recession \u2014 but the risk is very much there, says Maait: \u201cWe are not yet in a recession\u201d despite the World Bank, IMF, and others have reduced their expectations for economic growth, Finance Minister Maait said in an interview with Bloomberg TV (watch, runtime: 10:02) on the sidelines of the Qatar 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on hopes for interest rate cuts","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\/2025\/4\/143.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":675457,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/13\/maait-sees-recovery-now-relief-for-citizens-next\/","url_meta":{"origin":547449,"position":1},"title":"Maait sees recovery now, relief for citizens next","author":"enterpriseam admin","date":"13 November 2025","format":false,"excerpt":"A conversation with Maait: IMF Executive Director and former Finance Minister Mohamed Maait joined Sherif Amer on Yahduth Fi Masr last night to talk all things economy (watch, runtime: 22:02 | 16:40).The IMF and Maait agree \u2014 we\u2019re on the right track: \u201cThe Egyptian economy is now heading in a\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK 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Coming during the British Egyptian Business Association\u2019s trip to the UK last week, the minister warned of rising\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\/5\/293.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616921,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/13\/half-of-the-proceeds-from-the-privatization-program-earmarked-to-reduce-public-debt-maait\/","url_meta":{"origin":547449,"position":3},"title":"Half of the proceeds from the privatization program earmarked to reduce public debt -Maait","author":"enterpriseam admin","date":"13 March 2024","format":false,"excerpt":"There will also be no tax increases for investors in the next fiscal year","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\/2024\/2\/1803.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":624369,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/06\/external-shocks-have-hindered-egypts-economic-growth-says-maait\/","url_meta":{"origin":547449,"position":4},"title":"External shocks have hindered Egypt\u2019s economic growth, says Maait","author":"enterpriseam admin","date":"6 September 2018","format":false,"excerpt":"**#2 Egypt\u2019s economy would have grown much faster had it not been for external shocks including high oil prices, rising rates in the US, and a strengthening USD, Finance Minister Mohamed Maait tells CNBC in an interview (watch, runtime: 3:35). \u201cWe are able to absorb some of the shocks. 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