{"id":571205,"date":"2020-05-04T03:51:38","date_gmt":"2020-05-04T03:51:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/04\/govt-cuts-growth-outlook-for-fy2020-2021-again\/"},"modified":"2020-05-04T03:51:38","modified_gmt":"2020-05-04T03:51:38","slug":"govt-cuts-growth-outlook-for-fy2020-2021-again","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/04\/govt-cuts-growth-outlook-for-fy2020-2021-again\/","title":{"rendered":"Gov\u2019t cuts growth outlook for FY2020-2021 \u2014 again"},"content":{"rendered":"

<\/a> Gov\u2019t again cuts growth outlook for FY2020-2021:<\/strong> The government has revised downward its growth outlook for FY2020-2021 to 2% from 3.5% should the covid-19 pandemic continue into December, according to a statement by Planning Minister Hala El Said carried by the press<\/a>. Growth projections for the coming year had already been lowered<\/a> less than two weeks ago to 3.5% from 4.5% based on the assumption that the crisis would abate by June. GDP figures will be cut by another 30% if it extends past that point, El Said said at the time.<\/p>\n

Private sector investment could also fall by up to 30% in FY2020-2021 <\/strong>if the crisis persists until December, El Said said<\/a>. The government still expects around EGP 740 bn in total investments in the coming year, helped by the 33% increase in state investment to EGP 281 bn allocated in the draft FY2020-2021 budget.<\/p>\n

A worse-er case scenario? <\/strong>The government estimated at the end of March<\/a> that GDP would slow to 3.3-3.5% if the pandemic was to continue through December, labelling this as a \u201cworst case scenario.\u201d The Finance Ministry left its projections for FY2020-2021 GDP growth unchanged from the original assumptions when the ministry drafted the budget before the virus hit but made clear it would revisit its forecasts once the economic impact of the pandemic became clearer.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gov\u2019t again cuts growth outlook for FY2020-2021: The government has revised downward its growth outlook for FY2020-2021 to 2% from 3.5% should the covid-19 pandemic continue into December, according to a statement by Planning Minister Hala El Said carried by the press. Growth projections for the coming year had already been lowered less than two […]<\/p>\n","protected":false},"author":1,"featured_media":571206,"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":[279,5041,104,72,7087,348,10306,527,5042,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-571205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-budget-watch","tag-cocid-19","tag-economy","tag-enterpriseam","tag-finance","tag-gdp","tag-maait","tag-pandemic","tag-projection","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"47662d59-b64d-4577-9b8e-f9089185e17a","is_powered_by":true,"section_story_id":"911208cc-7e2c-43c6-9b09-9f249c961415","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/5\/16.jpg","photo_position":"above","related_issue":[571197],"teaser":"","voice_url":""},"yoast_head":"\nGov\u2019t cuts growth outlook for FY2020-2021 \u2014 again - 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\/05\/04\/govt-cuts-growth-outlook-for-fy2020-2021-again\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t cuts growth outlook for FY2020-2021 \u2014 again\" \/>\n<meta property=\"og:description\" content=\"Gov\u2019t again cuts growth outlook for FY2020-2021: The government has revised downward its growth outlook for FY2020-2021 to 2% from 3.5% should the covid-19 pandemic continue into December, according to a statement by Planning Minister Hala El Said carried by the press. 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Projections for the current fiscal year have also been amended to 4.2%, downfrom 5.1% as the pandemic continues to weigh on the economy. 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570345,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/29\/egypt-cuts-gdp-growth-forecast-to-5-1-from-5-6-in-fy-2019-2020\/","url_meta":{"origin":571205,"position":1},"title":"Egypt cuts GDP growth forecast to 5.1% from 5.6% in FY 2019-2020","author":"enterpriseam admin","date":"29 March 2020","format":false,"excerpt":"Gov\u2019t revises downwards economic growth forecast this fiscal year to 5.1%: The government has cut its GDP growth forecast for the fiscal year ending in June 2020 to 5.1% from 5.6% as the covid-19 outbreak takes its toll on the global economy, said Planning Minister Hala El Said, according to\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\/3\/320.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":632918,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/22\/electricity-ministry-postpones-subsidy-elimination-to-fy2020-2021-bills-still-going-up-in-july\/","url_meta":{"origin":571205,"position":2},"title":"Electricity Ministry postpones subsidy elimination to FY2020-2021, bills still going up in July","author":"enterpriseam admin","date":"22 February 2018","format":false,"excerpt":"Electricity Ministry postpones subsidy elimination to FY2020-2021, but bill will still go up in July: The Electricity Ministry is planning to delay the full elimination of subsidies on power bills to FY2020-2021 from FY2019-2020 as had been originally planned, Minister Mohamed Shaker announced yesterday, Al Shorouk reports. Electricity prices will\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":576359,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/22\/govt-revises-fy2020-21-gdp-forecast-upwards-to-3-8\/","url_meta":{"origin":571205,"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":570873,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/21\/sp-affirms-egypts-sovereign-credit-rating-at-b-outlook-at-stable-despite-covid-19-crisis\/","url_meta":{"origin":571205,"position":4},"title":"S&P affirms Egypt\u2019s sovereign credit rating at B, outlook at stable, despite covid-19 crisis","author":"enterpriseam admin","date":"21 April 2020","format":false,"excerpt":"S&P maintains Egypt\u2019s B credit rating with stable outlook despite covid-19 crisis: S&P Global Ratings has maintained Egypt\u2019s B credit rating and its outlook at stable despite forecasting a \u201csharp decline\u201d in economic activity due to the covid-19 pandemic. \u201cThe stable outlook reflects our expectation that the fall in Egypt\u2019s\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\/4\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573171,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/22\/analysts-see-egyptian-economy-growing-at-a-3-1-clip-in-the-2020-2021-fiscal-year\/","url_meta":{"origin":571205,"position":5},"title":"Analysts see Egyptian economy growing at a 3.1% clip in the 2020-2021 fiscal year","author":"enterpriseam admin","date":"22 July 2020","format":false,"excerpt":"Analysts see Egypt\u2019s economy growing at a 3.1% clip in FY2020-2021, according to a Reuters poll, down from 3.5% in a similar survey the newswire carried in April. 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