{"id":559165,"date":"2021-01-12T04:13:08","date_gmt":"2021-01-12T04:13:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/credit-suisse-fitch-bullish-on-egypt\/"},"modified":"2021-01-12T04:13:08","modified_gmt":"2021-01-12T04:13:08","slug":"credit-suisse-fitch-bullish-on-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/credit-suisse-fitch-bullish-on-egypt\/","title":{"rendered":"Credit Suisse, Fitch bullish on Egypt"},"content":{"rendered":"

<\/a> Egypt\u2019s economic growth will move back to<\/strong>wards 5% b<\/strong>y the end of the 2021<\/strong> calendar year<\/strong>, helped by the upcoming vaccine rollout and continued public investment, Fitch Solutions said yesterday. In its latest MENA macroeconomic update, the research house forecasts FY2020-2021 GDP growth to come in at 3%, slightly below the 3.3%<\/a> it predicted in November.<\/p>\n

The country will do \u201creasonably well over the coming quarters\u201d<\/strong> after experiencing a \u201crelatively shallow\u201d contraction during the covid-19 lockdown in 2Q2020, said Andrine Skjelland, head of MENA country risk at Fitch Solutions, during a webinar yesterday. This will be supported by what Fitch expects to be a \u201crelatively fast vaccine rollout,\u201d sizable government investment in the transport, IT and construction sectors, and growing demand for exports from the EU.<\/p>\n

From the region:<\/strong> Fitch expects economic growth to rebound to 3.3% this year after having contracted by an estimated 5.1% in 2020. There will be noticeable divergences as countries access and distribute the vaccine at different speeds and OPEC production cuts hurt oil exporters in the Gulf.<\/p>\n

Credit Suisse is sending the hot money our way<\/p>\n

A \u201csignificant and attractive risk-reward payoff\u201d from Egypt\u2019s t-bill carry trade is<\/strong> keeping Credit Suisse bullish on the Egypt story<\/strong>, head of MENA research Fahd Iqbal said on Bloomberg Daybreak yesterday (watch, runtime: 6:51<\/a>). Egypt still has one of the highest real rates among emerging markets despite having made the biggest rate cuts among EMs since the outset of the pandemic.<\/p>\n

Look for the Central Bank of Egypt to resume its monetary easing cycle at its February or March meetings<\/strong>, as it has \u201cconsiderable room for continued cuts,\u201d Iqbal said. If the central bank doesn\u2019t cut rates at its next meeting on 4 February<\/a>, that would make it all the more probable we\u2019ll see lower rates at the following meeting on 18 March.<\/p>\n

Less hot: Egyptian equities, whose performance is being held back as a result of liquidity headwinds<\/strong>, despite strong fundamentals, Iqbal said. \u201cIf you look at how growth has been developing, valuations, the quality of companies, the structural growth trend in Egypt \u2014 all of it adds up to a very, very compelling story. But it simply doesn\u2019t follow through in actual performance,\u201d he said. Without decent liquidity for equities, t-bills remain the \u201cpreferred way\u201d to play the Egypt trade thanks to their attractive payoff, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s economic growth will move back towards 5% by the end of the 2021 calendar year, helped by the upcoming vaccine rollout and continued public investment, Fitch Solutions said yesterday. In its latest MENA macroeconomic update, the research house forecasts FY2020-2021 GDP growth to come in at 3%, slightly below the 3.3% it predicted in […]<\/p>\n","protected":false},"author":1,"featured_media":559166,"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":[271,9115,104,115,72,905,349,345,219,1041,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-credit-suisse","tag-economy","tag-emerging-markets","tag-enterpriseam","tag-fitch-ratings","tag-interest-rates","tag-mena","tag-saudi-arabia","tag-treasuries","tag-uae","wpautop","entry"],"acf":{"mongo_id":"b017c5df-eb74-4020-8536-505dc0aa85d9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/127.jpg","photo_position":"above","related_issue":[559154],"teaser":"","voice_url":""},"yoast_head":"\nCredit Suisse, Fitch bullish on Egypt - 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\/2021\/01\/12\/credit-suisse-fitch-bullish-on-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit Suisse, Fitch bullish on Egypt\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s economic growth will move back towards 5% by the end of the 2021 calendar year, helped by the upcoming vaccine rollout and continued public investment, Fitch Solutions said yesterday. 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The research firm echoed\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\/11\/87.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597778,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/05\/egypts-economy-will-continue-to-outperform-its-regional-peers-fitch-says\/","url_meta":{"origin":559165,"position":2},"title":"Egypt\u2019s economy \u201cwill continue to outperform\u201d its regional peers, Fitch says","author":"enterpriseam admin","date":"5 May 2019","format":false,"excerpt":"Egypt\u2019s economy \u201cwill continue to outperform\u201d its regional peers in FY2019-20, Fitch said in its Africa Monitor report for April. 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":568290,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/24\/covid-the-gift-that-keeps-on-giving\/","url_meta":{"origin":559165,"position":3},"title":"Covid: The gift that keeps on giving","author":"enterpriseam admin","date":"24 December 2020","format":false,"excerpt":"The global collapse of the tourism trade continued to weigh on economic growth in 1Q2020-2021: Egypt\u2019s economy grew only 0.7% during the first quarter of FY 2020-2021 and probably would have expanded at a 2.7% clip if it weren\u2019t for the tourism sector, which continued to reel from the effects\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571953,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/07\/egypts-construction-sector-to-top-the-region-in-2029-fitch\/","url_meta":{"origin":559165,"position":4},"title":"Egypt\u2019s construction sector to top the region in 2029 -Fitch","author":"enterpriseam admin","date":"7 June 2020","format":false,"excerpt":"Egypt\u2019s construction sector will become the largest in the region by 2029 in terms of value, Fitch Solutions\u2019 BMI research said in a report summed up by cabinet\u2019s Information and Decision Support Center (IDSC). The sector is projected to grow 9% on average between 2020 and 2024 after a short-term\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":564979,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/10\/fitch-gives-long-term-fx-debt-outlook-a-%f0%9f%91%8d\/","url_meta":{"origin":559165,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559165","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=559165"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559165\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559154"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/559166"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559165"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559165"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}