{"id":547882,"date":"2022-07-18T04:00:32","date_gmt":"2022-07-18T04:00:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/18\/this-morning-imf-to-downgrade-global-growth-forecast-substantially-egyptians-offered-new-round-of-covid-boosters\/"},"modified":"2022-07-18T04:00:32","modified_gmt":"2022-07-18T04:00:32","slug":"this-morning-imf-to-downgrade-global-growth-forecast-substantially-egyptians-offered-new-round-of-covid-boosters","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/18\/this-morning-imf-to-downgrade-global-growth-forecast-substantially-egyptians-offered-new-round-of-covid-boosters\/","title":{"rendered":"THIS MORNING: IMF to downgrade global growth forecast \u201csubstantially\u201d; Egyptians offered new round of covid boosters"},"content":{"rendered":"

Good morning, friends. We have a compact, business-heavy issue for you today <\/strong>after the policy- and macro-heavy reads we served up yesterday (and before the Eid break).<\/p>\n

Before we get started, though:<\/p>\n

<\/a> PSA- Fourth covid shots have landed:<\/strong> People who have received three doses of a covid vaccine can now receive their fourth jabs, Youm7<\/a> reported, citing a statement from the Health Ministry. Anyone over the age of 65 or suffering from a chronic illness can get the booster if it\u2019s been more than three months since their third shot. Everyone else will become eligible six months after receiving the third jab. The ministry has already begun administering the fourth shots, and there\u2019s no need to re-register if you want to get jabbed.<\/p>\n

Covid cases are on the rise nationwide<\/strong>, with the official case count not at about 35 new cases and five covid-related deaths each day, acting Health Minister Khaled Abdel Ghaffar said earlier this week<\/a>. Remember: The official case count underestimates the true number of cases as it captures data only from government labs.<\/p>\n

Covid patients need to quarantine for 5-7 days<\/strong>, head of the government\u2019s covid committee, Hossam Hosni, told Salet El Tahrir yesterday (watch, runtime: 3:24<\/a>), adding that despite the increase in reported cases, most patients are reporting comparatively mild symptoms. Hosni called on people to continue practicing preventive measures including mask wearing, social distancing, and hand washing.<\/p>\n

Officials haven\u2019t specified that we\u2019re in the midst of the same BA.4 and BA.5 wave<\/strong> that is sweeping North America and much of Europe, but\u2026<\/p>\n

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<\/a> WATCH THIS SPACE #1: Brace yourselves for more bad news on global <\/strong>growth.<\/strong> The IMF is poised to downgrade its global economic growth outlook \u201csubstantially\u201d later this month on the back of soaring food and energy prices, a slowing economy in China, and reduced capital flows to emerging markets<\/strong>, Bloomberg<\/a> reports.<\/p>\n

\u201cIt\u2019s shock after shock after shock which are really hitting the global economy,\u201d <\/strong>IMF official Ceyla Pazarbasioglu said Sunday at a panel in Indonesia following the G20 finance ministers\u2019 meeting, which ended in division<\/a> on Saturday. The IMF already <\/strong>downgraded its 2022 global growth forecast<\/a><\/strong> in April to 3.6%<\/strong>, from 4.4%, due to the economic fallout caused by the war in Ukraine.<\/p>\n

The next signpost on the road: <\/strong>The Fund will publish an update to its World Economic Outlook on Tuesday, 26 July \u2014 a week from tomorrow.<\/p>\n

*** WATCH THIS SPACE #2- Is the respected activist Alaa Abdel Fattah up for a pardon? <\/strong>That\u2019s the contention of Tarek El Awadi, a member of the presidential pardons commission, who said on Al Kahera wal Nas\u2019 Hadith Al Qahera that Alaa\u2019s name is on a pardon list being prepared by the commission. Other prominent activists including Ahmed Douma are also up for pardons, El Awadi said, adding that \u201ccompetent authorities\u201d are reviewing the list and have so far raised no objections. The story is getting play in state-owned media including Al Ahram<\/a>\u2019s breaking news website as well as in Youm7<\/a>.<\/p>\n

Alaa, now a UK national, has been on a hunger strike since April<\/strong> and his case has in recent months won significant international media attention<\/a>.<\/p>\n

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WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n

President Abdel Fattah El Sisi is co-c<\/strong>hairing this year\u2019s <\/strong>Petersbe<\/a><\/strong>rg Climate<\/a><\/strong><\/a><\/strong>Dialogue<\/a><\/strong> alongside German Chancellor Olaf Scholz, Ittihadiya said in a statement<\/a>. The two-day event starts today in Berlin and is one of several international climate meetings ahead of COP27 in November.<\/p>\n

Egypt will play Cape Verde in the final of the 2022 African Men's <\/strong>Handball <\/strong>Championship today at 9pm<\/strong>. A victory for the Pharaohs would see them claim the title for the second year in a row. The national team sealed their place in the final on Saturday by beating Tunisia, a match that also secured a berth in the 2023 championship.<\/p>\n

TOMORROW-<\/strong><\/p>\n

<\/a> GASC goes direct to some far-flung wheat suppliers: <\/strong>State grain buyer GASC is again looking to purchase more wheat directly from traders and will tomorrow invite offers from suppliers in the US, Canada, Australia, Argentina and Brazil, it said on its website<\/a>. GASC wants offers on a cost and freight basis to be shipped in September-November. The authority has, by our math, bought more than 500k tons of wheat outside the normal tender process this month (here<\/a> and here<\/a>) and has sought to diversify its suppliers following the outbreak of war in Ukraine.<\/p>\n

AND THIS WEEK- <\/strong><\/p>\n

Russian President Vladimir Putin is coming to our neck of the woods(ish). <\/strong>Putin will meet with his counterparts in Iran and Turkey as the Kremlin ups efforts to court global south allies in the wake of its rift with the West, the Wall Street Journal<\/a> reports. The rare diplomatic visit \u2014 only Putin\u2019s second since Russia went to war in Ukraine \u2014 will start on Tuesday in Tehran.<\/p>\n

Cold War diplomacy vibes:<\/strong> The visit comes hot on the heels of US President Joe Biden\u2019s visit to the Middle East<\/a>, where he also sought to firm up ties with regional allies and counter the growing influence of China and Russia.<\/p>\n

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THE BIG STORY ABROAD- There\u2019s no single story dominating the international front <\/strong>pages this morning:<\/strong><\/p>\n