{"id":570943,"date":"2020-04-23T04:30:55","date_gmt":"2020-04-23T04:30:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egyptian-economy-to-grow-3-5-in-fy2020-2021-reuters-poll\/"},"modified":"2020-04-23T04:30:55","modified_gmt":"2020-04-23T04:30:55","slug":"egyptian-economy-to-grow-3-5-in-fy2020-2021-reuters-poll","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egyptian-economy-to-grow-3-5-in-fy2020-2021-reuters-poll\/","title":{"rendered":"Egyptian economy to grow 3.5% in FY2020-2021 \u2013Reuters poll"},"content":{"rendered":"

<\/a> Egyptian economy to grow 3.5% in FY2020-2021 \u2013Reuters poll:<\/strong> Egypt\u2019s economy will grow at a 3.5% clip in FY2020-2021, down from 5.9% in a similar poll just three months ago, according to a Reuters poll of economists<\/a>. Growth for the current fiscal year will come in at 3%, a downgrade from a previous estimate of 5.8%, according to the 20 analysts polled. The economy expanded 5.6% in 1H2019-2020 but is expected to slow substantially in the second half of the fiscal year as the covid-19 pandemic causes widespread domestic disruption and the global economy enters one of the deepest recessions in living memory.<\/p>\n

Just one respondent sees a possible recession:<\/strong> NKC African expects the economy to contract by 1.7% in the coming fiscal year due to \u201cweaker consumption, investment and exports.\u201d<\/p>\n

Inflation to remain steady:<\/strong> The analysts predict that inflation will remain within the central bank\u2019s 9% (+\/-3%) target range, slowing to 6% in the current fiscal year before accelerating to 7.5% in FY2020-2021.<\/p>\n

More rate cuts on the way?<\/strong> Respondents see the central bank making another 50 bps cut to its overnight lending rate by the end of June 2020, bringing it down to 9.75%. The CBE <\/strong>left rates on hold on 2 April<\/a><\/strong>,<\/strong> less than three weeks after the 300 bps cut, leaving its discount rate at 9.75%. The CBE\u2019s monetary policy committee next meets on 14 May.<\/strong><\/p>\n

Fitch sees rates being left on hold: <\/strong>The CBE will hold off on making further cuts to interest rates for the rest of the year due to the global turmoil caused by the novel coronavirus, Fitch Solutions said in a report picked up by Al Mal<\/a>. The central bank, which last month made an emergency 300 bps cut<\/a> as a \u201cpreemptive\u201d move against covid-19, will keep its foot off the pedal until 2021 as external finance tightens, the ratings agency said.<\/p>\n

A tentative return to easing in 2021:<\/strong> Fitch anticipates that the CBE will take a more accommodative turn in 2021 and cut rates by 50 bps. A more aggressive cut could be in store if the economy fails to rebound as expected, it said.<\/p>\n

Egypt to withstand corona blowback despite growth slowdown -BNP Paribas:<\/strong> Egypt\u2019s stable financial sector and ample liquidity will help the economy weather the corona storm, according to BNP Paribas<\/a>, which is forecasting GDP to dip to 2.6% in 2020 before recovering slightly to post 3.4% growth in 2021. Fiscal reforms over the past several years will enable the government to keep servicing debt repayments and its current account deficit, and its healthy FX reserves will support the EGP\u2019s performance against foreign currencies and help the government to accommodate any temporary decline in foreign investment.<\/p>\n

Stimulus package gets props:<\/strong> The French bank lauded the state\u2019s EGP 100 bn stimulus package and the CBE\u2019s 300 bps rate cut, for helping alleviate the financial burden on average citizens and limiting potential corporate losses.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egyptian economy to grow 3.5% in FY2020-2021 \u2013Reuters poll: Egypt\u2019s economy will grow at a 3.5% clip in FY2020-2021, down from 5.9% in a similar poll just three months ago, according to a Reuters poll of economists. Growth for the current fiscal year will come in at 3%, a downgrade from a previous estimate of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[8572],"tags":[943,271,107,72,8565,655,348,182,349,3201,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570943","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-bnp-paribas","tag-central-bank-of-egypt","tag-covid-19","tag-enterpriseam","tag-fitch","tag-foreign-reserves","tag-gdp","tag-inflation","tag-interest-rates","tag-reuters","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"23435a10-ae6a-4ab7-b516-c14fcc2dfe59","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[570938],"teaser":"","voice_url":""},"yoast_head":"\nEgyptian economy to grow 3.5% in FY2020-2021 \u2013Reuters poll - 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\/2020\/04\/23\/egyptian-economy-to-grow-3-5-in-fy2020-2021-reuters-poll\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian economy to grow 3.5% in FY2020-2021 \u2013Reuters poll\" \/>\n<meta property=\"og:description\" content=\"Egyptian economy to grow 3.5% in FY2020-2021 \u2013Reuters poll: Egypt\u2019s economy will grow at a 3.5% clip in FY2020-2021, down from 5.9% in a similar poll just three months ago, according to a Reuters poll of economists. 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Economists have revised downwards their growth expectations as the economic fallout from the pandemic \u2014 including the drop in tourism, remittance inflows,\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\/7\/183.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575824,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/28\/egypts-economy-to-grow-by-3-3-in-fy2020-21-reuters-poll\/","url_meta":{"origin":570943,"position":1},"title":"Egypt\u2019s economy to grow by 3.3% in FY2020-21 -Reuters poll","author":"enterpriseam admin","date":"28 October 2020","format":false,"excerpt":"Egypt\u2019s economy will grow at a 3.3% clip during the current fiscal year, according to a Reuters poll of economists. This is a slight upwards revision from the 3.1% growth economists had penciled in for FY2020-2021 in a similar poll in July. The economists\u2019 forecast is more optimistic than the\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\/10\/290.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563870,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/egyptian-economy-to-grow-5-this-fiscal-year-reuters-poll\/","url_meta":{"origin":570943,"position":2},"title":"Egyptian economy to grow 5% this fiscal year -Reuters poll","author":"enterpriseam admin","date":"27 July 2021","format":false,"excerpt":"Egypt will grow at a 5% clip in FY2021-2022, according to a Reuters survey of analysts and economists. The figure is the same as expected by analysts in a similar poll by the newswire in April, but is slightly below the 5.4% targeted by the government and the 5.2% forecast\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\/7\/261.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576359,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/22\/govt-revises-fy2020-21-gdp-forecast-upwards-to-3-8\/","url_meta":{"origin":570943,"position":3},"title":"Gov\u2019t revises FY2020\/21 GDP forecast upwards to 3.8%","author":"enterpriseam admin","date":"22 November 2020","format":false,"excerpt":"Gov\u2019t GDP forecast revised upwards:The government expects the economy to grow at a 3.5-3.8% clip in the current fiscal year, Deputy Planning Minister Ahmed Kamaly said on the sidelines of an energy conference yesterday. The range is higher than the outlook offered by Finance Minister Mohamed Maait earlier this month,\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\/223.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567503,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/26\/egypts-economy-to-grow-at-5-8-in-fy-2019-20-poll\/","url_meta":{"origin":570943,"position":4},"title":"Egypt\u2019s economy to grow at 5.8% in FY 2019-20 -poll","author":"enterpriseam admin","date":"26 January 2020","format":false,"excerpt":"Egypt\u2019s economic growth will accelerate to 5.8% in the current fiscal year, up from 5.6% in FY2018-2019, a Reuters poll finds. This prediction is in line with the Finance Ministry\u2019s recently-update growth expectations of 5.8-5.9%. 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The economy grew 3.3% in FY 2020-2021,\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\/238.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\/570943","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=570943"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570943\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570938"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570943"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570943"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}