{"id":551431,"date":"2022-06-16T13:25:05","date_gmt":"2022-06-16T13:25:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/growth-in-africa-is-looking-promising-in-the-near-term-and-egypt-has-a-big-role-to-play\/"},"modified":"2022-06-16T13:25:05","modified_gmt":"2022-06-16T13:25:05","slug":"growth-in-africa-is-looking-promising-in-the-near-term-and-egypt-has-a-big-role-to-play","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/growth-in-africa-is-looking-promising-in-the-near-term-and-egypt-has-a-big-role-to-play\/","title":{"rendered":"Growth in Africa is looking promising in the near term \u2014 and Egypt has a big role to play"},"content":{"rendered":"

<\/a> Egypt\u2019s economic growth is expected to account for 17% of Africa\u2019s output<\/strong> growth in 2022<\/strong>, according to a report (pdf)<\/a> prepared by the African Import-Export Bank (Afreximbank), which is upbeat about growth prospects on the continent in the near term, despite significant challenges to the global economy presented by the fallout from Russia\u2019s war in Ukraine.<\/p>\n

Egypt takes the spotlight in Afrexim\u2019s most recent report<\/strong> which attributes strengthening growth in North Africa to \u201cimpressive performance\u201d in Egypt over the past couple of years. The country ties with Nigeria in the bank\u2019s forecast of the two most significant drivers of growth on the continent in 2022. Our GDP grew at a strong 9% clip in 1H 2021-2022<\/a>, with the second quarter of the fiscal year alone seeing 8.3% growth, beating expectations. The economy grew at a 5.4% clip in 3Q 2021-2022 (the three months ending 31 March 2022) accelerating from 2.9% in the same period last year, despite the quarter including inflation and commodity price shocks from the war in Ukraine. After accounting for the war\u2019s fallout, the government revised upwards<\/a> its 2021-2022 growth outlook to 6.2% on the back of the figures.<\/p>\n

There are a lot of reasons for this: <\/strong>Structural reforms enacted in Egypt before the pandemic hit \u201celiminated currency overvaluation and strengthened the business climate to boost competitiveness,\u201d the report said. \u201cA buoyant gas extraction sector; stronger private consumption; and growing remittances and capital inflows,\u201d were also responsible for our strong performance, the report notes.<\/p>\n

But it's not just Afreximbank, other international lenders seem to think we\u2019re doing okay too: <\/strong>Earlier this year<\/a> the IMF raised Egypt\u2019s forecast GDP growth for FY 2021-2022 to 5.9%, up 0.3 percentage points from its previous forecast in January despite soaring food and energy prices. This came as the lender revised downwards its global growth projections for calendar years 2022 and 2023 to 3.6% \u2014 0.8 percentage points lower for this year than in its previous forecast.<\/p>\n

The report is chipper about economic growth in Africa overall, partly based on last year\u2019s performance: <\/strong>In 2021, output grew by some 6.9% across the continent, up from a contraction of 1.7% in the previous year. By comparison, growth in advanced economies was only some 5%<\/a> in 2021.<\/p>\n

Loans from international financing institutions helped keep many African economies afloat: <\/strong>The IMF\u2019s disbursal of some USD 33 bn in Special Drawing Rights (SDRs) during 2H2021 \u201chad an important impact on macroeconomic buffers and will have positive spillovers for macroeconomic stability and growth in the short and medium term,\u201d the report said. In effect, these funds allowed countries to improve their current and fiscal accounts and protect their reserves of foreign exchange, the report explains.<\/p>\n

Remittances were also an important component to this story: <\/strong>Remittance inflows into Africa grew by over 11% in 2021 and are expected to continue strengthening well into 2022 largely because of a stronger labor market in Europe and the US.<\/p>\n

This is significant in Egypt, which is the single largest recipient of remittances on the continent<\/strong> and where inflows hit a record high<\/a> of USD 31.5 bn in 2021, growing 6.4% y-o-y. Egypt\u2019s remittances are so significant that combined with Nigeria, they make up some 55% of Africa\u2019s total inflows over the past three years.<\/p>\n

Another important factor is trade: <\/strong>Africa\u2019s trading partners will be crucial in supporting the continent\u2019s performance over the coming year, the report says, and many of them look prepared to do so. China, the continent\u2019s largest trading partner, is still angling towards continued monetary stimulus and an expansionary fiscal policy which means demand for African commodities will continue to rise. Global trade volumes are expected to grow by some 5% in 2022, the report notes.<\/p>\n

But there are still challenges that lie ahead: <\/strong>Among the hurdles that could derail economic growth in Africa is inflation, supply chain disruptions (a threat to food security) and tightening financial conditions around the world \u2014 which could lead to stagflation and an outflow of capital from the continent, according to the report.<\/p>\n

Still, the general sentiment seems optimistic:<\/strong> \u201cAfrica\u2019s growth forecast for 2022 points to continued fortitude even in the face of heightening inflationary pressures and geopolitical risks,\u201d the report says.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s economic growth is expected to account for 17% of Africa\u2019s output growth in 2022, according to a report (pdf) prepared by the African Import-Export Bank (Afreximbank), which is upbeat about growth prospects on the continent in the near term, despite significant challenges to the global economy presented by the fallout from Russia\u2019s war in […]<\/p>\n","protected":false},"author":1,"featured_media":551432,"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":[9272],"tags":[421,116,104,633,2396,1510,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-551431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-afreximbank","tag-china","tag-economy","tag-enterprisepm","tag-remittances","tag-the-macro-picture","tag-trade","wpautop","entry"],"acf":{"mongo_id":"6c70920b-7229-404c-b68f-da9a38cee439","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/451.jpg","photo_position":"above","related_issue":[551421],"teaser":"","voice_url":""},"yoast_head":"\nGrowth in Africa is looking promising in the near term \u2014 and Egypt has a big role to play - 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While our economy grew at a 3.6% clip last year \u201cdespite the relatively\u2026","rel":"","context":"In "MACRO"","block_context":{"text":"MACRO","link":"https:\/\/enterpriseam.com\/egypt\/category\/macro\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/200.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593147,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/19\/correctly-implementing-afcfta-could-unlock-usd-3-tn-worth-of-growth-across-the-continent\/","url_meta":{"origin":551431,"position":1},"title":"Correctly implementing AfCFTA could unlock USD 3 tn-worth of growth across the continent","author":"enterpriseam admin","date":"19 November 2019","format":false,"excerpt":"Correctly implementing the African Continental Freetrade Agreement (AfCFTA) could unlock USD 3 tn-worth of growth across the continent, Baker McKenzie says. According to research from the law firm and Oxford Economics, countries need to double down on eliminating limitations related to infrastructure, resources, and other regional trade agreements that might\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/11\/3053.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572357,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/egypt-southern-africa-were-the-two-bright-spots-in-africa-last-year-as-fdi-dipped-across-the-continent\/","url_meta":{"origin":551431,"position":2},"title":"Egypt, Southern Africa were the two bright spots in Africa last year as FDI dipped across the continent","author":"enterpriseam admin","date":"22 June 2020","format":false,"excerpt":"Egypt, Southern Africa were the two bright spots in Africa last year as FDI dipped across the continent: Egypt remained the top recipient of foreign direct investment (FDI) in Africa last year, with inflows rising 11% y-o-y to USD 9 bn, according to UNCTAD\u2019s 2020 World Investment Report (pdf). Egypt\u2019s\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/222.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568945,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/09\/africa-could-be-transformed-by-the-digital-economy-but-only-if-its-infrastructure-is-strengthened\/","url_meta":{"origin":551431,"position":3},"title":"Africa could be transformed by the digital economy \u2014 but only if its infrastructure is strengthened","author":"enterpriseam admin","date":"9 February 2020","format":false,"excerpt":"African countries could be transformed by the digital economy \u2014 but only they invest in infrastructure: Africa must tackle significant deficits in its digital infrastructure to capitalize on the strong economic prospects that a digital transformation would afford, Vice President of the World Bank for Africa Hafez Ghanem writes, in\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/113.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":551063,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/23\/egypt-has-the-second-highest-private-income-holdings-on-the-continent\/","url_meta":{"origin":551431,"position":4},"title":"Egypt has the second highest private income holdings on the continent","author":"enterpriseam admin","date":"23 May 2022","format":false,"excerpt":"Egypt has the second-highest amount of private wealth in Africa with some USD 307 bn in private holdings, according to a new report (pdf) from investment firm Henley and Partners. This puts the country second only to South Africa, which dominates the list with almost double the amount of private\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/516.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":552975,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/the-number-of-mnaires-in-the-world-is-expected-to-grow-by-40-by-2026\/","url_meta":{"origin":551431,"position":5},"title":"The number of mn\u2019aires in the world is expected to grow by 40% by 2026","author":"enterpriseam admin","date":"12 October 2022","format":false,"excerpt":"B\u2019naires might have lost out this year (not that they\u2019re likely to miss it), but the number of m\u2019naires is on the rise. The number of people around the world with at least USD 1 mn in assets will grow to surpass 87 mn by 2026, up 40% from the\u2026","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/443.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\/551431","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=551431"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/551431\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/551421"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/551432"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=551431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=551431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=551431"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=551431"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=551431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}