{"id":561751,"date":"2021-04-20T04:10:56","date_gmt":"2021-04-20T04:10:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/egypt-among-3-mena-countries-to-see-pre-covid-growth-rates-in-2021-fitch\/"},"modified":"2021-04-20T04:10:56","modified_gmt":"2021-04-20T04:10:56","slug":"egypt-among-3-mena-countries-to-see-pre-covid-growth-rates-in-2021-fitch","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/egypt-among-3-mena-countries-to-see-pre-covid-growth-rates-in-2021-fitch\/","title":{"rendered":"Egypt among 3 MENA countries to see pre-covid growth rates in 2021: Fitch"},"content":{"rendered":"

<\/a> Egypt is one of three MENA economies that will see GDP growth return to pre-covid <\/strong>levels in 2021<\/strong>, buoyed by expectations of a strong rebound in the oil and gas and tourism industries this year, Fitch Solutions analysts said at a webinar<\/a>yesterday<\/a>. \u201cThe Central Bank of Egypt\u2019s (CBE) monetary easing of 400 bps last year, as well as expanded fiscal spending and well-executed stimulus policies, helped to cushion the economic blow of the pandemic,\u201d MENA country risk analyst Selim Elbadri said.<\/p>\n

Egypt\u2019s GDP is expected to grow at a 2.9% clip in FY2020-2021<\/strong>, marking a slight downwards revision of the 3% Fitch predicted in January due to a bumpy vaccine rollout. \u201cVaccinations for priority populations are expected to run from 21 March to 21 Septmeber,\u201d deputy head of country risk Julie Beckenstein said, noting that Egypt\u2019s vaccine rollout is lagging behind regional peers such as Israel, Morocco, and the GCC.<\/p>\n

Increased natgas production will be a key driver of economic growth: <\/strong>Fitch Solutions sees the country ramping up its output of natural gas to hit pre-covid production levels in FY2020-2021. Production is expected to plateau at these rates, with a marginal decline of 10% at most throughout FY2021-2022. That\u2019s a steeper decline than the 4.5% dip in production Oil Ministry has penciled in<\/a> for the upcoming fiscal year, with daily natural gas production expected to come in at 7.2 bcf\/d, down from 7.45 bcf\/d during the current fiscal year.<\/p>\n

And a robust tourism sector recovery is expected to drive medium-term growth<\/strong>, with the economy expected to expand at a 5% clip in FY2021-2022, according to Elbadri. Some 500k tourists visited Egypt in 1Q2021<\/a>, generating USD 600-800 mn in revenues, with some 2 mn tourists visiting the country<\/a> in the nine months since commercial flights resumed following the initial wave of the virus. Tourism Minister Khaled El Anany recently said Egypt could see a return to pre-covid visitor numbers as early as fall 2022<\/a>.<\/p>\n

Israel and Qatar are also expected to be among MENA\u2019s best-performing economies<\/strong>, with the latter leading the recovery in the GCC as the only Gulf nation to return to pre-covid GDP growth rates in 2021. The slowdown in the recovery of other regional economies was attributed to the contracting oil sector as a result of the OPEC+ mandated production cuts. But Fitch is optimistic that an OPEC+ agreement to gradually increase oil production from May to July as fuel demand rises will drive growth in GCC countries such as Saudi Arabia and the UAE, though likely not enough to return them to pre-pandemic growth rates, Elbadri said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt is one of three MENA economies that will see GDP growth return to pre-covid levels in 2021, buoyed by expectations of a strong rebound in the oil and gas and tourism industries this year, Fitch Solutions analysts said at a webinaryesterday. \u201cThe Central Bank of Egypt\u2019s (CBE) monetary easing of 400 bps last year, […]<\/p>\n","protected":false},"author":1,"featured_media":561752,"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":[107,104,72,3637,1304,397,91,128,296,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-covid-19","tag-economy","tag-enterpriseam","tag-fitch-solutions","tag-gcc","tag-khaled-el-anany","tag-oil-and-gas","tag-opec","tag-qatar","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"142978a6-9ebf-4bdc-b660-f47c678001ad","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/198.jpg","photo_position":"above","related_issue":[561747],"teaser":"","voice_url":""},"yoast_head":"\nEgypt among 3 MENA countries to see pre-covid growth rates in 2021: Fitch - 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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":559165,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/credit-suisse-fitch-bullish-on-egypt\/","url_meta":{"origin":561751,"position":1},"title":"Credit Suisse, Fitch bullish on Egypt","author":"enterpriseam admin","date":"12 January 2021","format":false,"excerpt":"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\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\/1\/127.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561793,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/21\/egypts-economy-to-grow-3-1-this-fiscal-year-says-bnp-paribas\/","url_meta":{"origin":561751,"position":2},"title":"Egypt\u2019s economy to grow 3.1% this fiscal year, says BNP Paribas","author":"enterpriseam admin","date":"21 April 2021","format":false,"excerpt":"Egypt\u2019s economy is expected to grow at a 3.1% clip in the government\u2019s current 2020-2021 fiscal year, down from 3.8% in the previous fiscal year, on the back of declining tourism revenues at the outset of the pandemic, BNP Paribas said in a recent economic research report (pdf). Fiscal support\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\/4\/213.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":561751,"position":3},"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":568290,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/24\/covid-the-gift-that-keeps-on-giving\/","url_meta":{"origin":561751,"position":4},"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":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":561751,"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\/561751","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=561751"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561751\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561747"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/561752"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561751"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561751"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}