{"id":573093,"date":"2020-07-20T03:58:06","date_gmt":"2020-07-20T03:58:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/"},"modified":"2020-07-20T03:58:06","modified_gmt":"2020-07-20T03:58:06","slug":"egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/","title":{"rendered":"Egypt\u2019s economy is on track to grow this fiscal year, but needs to keep an eye on EGP flexibility + industrial investment \u2013RenCap"},"content":{"rendered":"

<\/a> EXCLUSIVE- Egypt\u2019s economy is on track to grow this fiscal year, but needs to <\/strong>keep an eye on EGP flexibility + industrial investment \u2013RenCap:<\/strong> Renaissance Capital is maintaining its expectations that Egypt will manage to eke out growth this fiscal year at around the same rate as FY2019-2020, thanks partly to the government\u2019s decision against imposing a full lockdown, but the country now needs to focus on shoring up investments in domestic manufacturing, Global Chief Economist Charles Robertson and North Africa CEO Amr Helal told Enterprise.<\/p>\n

Egypt deciding against a full lockdown helped to cushion the economic blow from the pandemic:<\/strong> While some EMs, including South Africa and India, decided to impose tight lockdown measures, there is a growing consensus among developing markets that a partial lockdown akin to Egypt\u2019s is \u201cthe way to go\u201d: Domestic demand and consumption are proving to be the key driver of growth as other sources of income come under pressure. There\u2019s been a divergence in trends between countries that locked down successfully, like in East Asia and Europe, versus lower-income emerging markets \u2014 below USD 10-15k per capita GDP \u2014 where lockdown has not worked. The main hit to EM will ultimately come not from lockdowns, but as a result of the global slowdown thanks to lost demand in Europe and America, Robertson suggested.<\/p>\n

Local consumption will continue to be the key driver of growth in Egypt and EMs at large:<\/strong> For data like retail sales, RenCap expects that by the end of 2020, developed markets will likely show a bigger hit than emerging markets, where people never really stopped going to work and shops were only closed for a few weeks or only at nighttime in countries like Egypt that imposed curfews. As a result, domestic demand should hold up a bit better in these countries.<\/p>\n

It\u2019s difficult to pinpoint an exact figure for growth forecasts, but Egypt is still on track to record 2-4% growth in FY2020-2021<\/strong>, which is the same view the bank put out in April. \u201cI\u2019ve got no confidence in a point figure,\u201d Robertson said, but suggested it is more likely the current fiscal year will end at a growth rate on the lower end of the investment bank\u2019s forecast range. He stressed that these assumptions are not set in stone and could change as the situation evolves.<\/p>\n

Part of the difficulty in formulating a clear outlook is the lack of complete and timely data<\/strong>, Robertson said. \u201cThis is an example of why it would be great to see CAPMAS revamping its output both in terms of what it produces \u2014 as far as I\u2019m aware, they don\u2019t produce retail sales figures \u2014 but also in how quickly they produce the data.\u201d He pointed to this data output as a potential structural figure that would be \u201chugely important\u201d for policymakers, including the Central Bank of Egypt.<\/p>\n

Expect the CBE to remain hawkish for now to shore up domestic confidence:<\/strong> Keeping inflation in check and achieving the year-end target of 9% is the CBE\u2019s primary policy priority, not least because this has been a stated goal, meaning the CBE\u2019s success in achieving that target is key for maintaining confidence.<\/p>\n

The EGP\u2019s performance is helping in that regard \u2014 and is also a key priority for the CBE:<\/strong> The easiest reference point for the average Egyptian or any person living in another emerging market looking to assess the strength of their country\u2019s economy is how the domestic currency is faring, Robertson said. \u201cIf you can maintain a reasonably stable and strong currency, which is how I would characterize the EGP right now, that helps to maintain domestic confidence.\u201d Aside from inflation, currency stability is another primary priority for the CBE, and it \u201cjust so happens\u201d that these two goals are closely related and \u201ccoincide very well,\u201d suggesting that the CBE will continue to be very cautious with its monetary easing.<\/p>\n

On the EGP\u2019s valuation:<\/strong> In the medium term, it\u2019s \u201cnot ideal\u201d to have an overvalued currency, Robertson said, noting that the investment bank sees the EGP as 21% overpriced at its current rate. RenCap\u2019s view is based on its real effective exchange rate model, which compares inflation and exchange rates between countries to determine the currency valuations. \u201cWhat we should see is that if Egyptian inflation is 10% more than in America, the currency needs to sell off by 10% to make sure that it\u2019s not overvalued,\u201d Robertson explained. The EGP has not depreciated steeply despite high inflation over the past three years, which is partially because the currency sold off at a rate that was steeper and more rapid than inflation would have dictated in 2016 when the CBE pulled the trigger on floating the currency.<\/p>\n

Egypt remains very attractive for portfolio investors<\/strong>, even if the EGP were to slip to somewhere around 17 to the greenback, he said. Interest rates on one-year instruments remain high enough that a small depreciation by the end of 2020 would still allow portfolio investors to walk away with money in their pockets.<\/p>\n

There\u2019s \u201cno reason to suggest\u201d the EGP come under significant pressure<\/strong>, but \u201cthe valuation tells you that there is a medium-term risk that, over the next few years, the EGP is going to get cheaper. This could happen either very quickly or gradually,\u201d Robertson said.<\/p>\n

The antidote? Start boosting domestic manufacturing and foreign investment in local industry.<\/strong> Egypt currently has a high enough adult literacy rate and adequate energy security to truly begin industrialization, but investors also look for stability, Robertson said. He suggests that allowing for \u201ca gentle depreciation\u201d over the next few years through interest rate cuts would both help reduce the risk for currency volatility and encourage capex borrowing that would spur real economic growth.<\/p>\n

We were supposed to see Chinese manufacturing investments in Egypt this year, but right now, who wants to build a factory?<\/strong> It\u2019s unlikely that FDI is going to be pouring in this year for industrial and manufacturing projects, including factories that Chinese investors were planning to build in Egypt, but Helal sees ample options for investment in other industries. \u201cIf we look at agriculture, especially agri-foods that are export-oriented, we\u2019re seeing a lot of investor interest in the sector, and we expect that trend to continue\u201d thanks to the wide domestic market base and Egypt\u2019s ability to tap into export markets, Helal said. Egypt also has competitive advantages on the export side, such as freight rates.<\/p>\n

Watch this space: NBFS + fintech:<\/strong> Non-banking financial services and the fintech space are also generating investor interest, particularly restrictions imposed over the past several months driving consumers to digital payment channels, Helal said. \u201cThis also dovetails quite nicely with the government and the CBE\u2019s initiatives to drive digitization and financial inclusion.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- Egypt\u2019s economy is on track to grow this fiscal year, but needs to keep an eye on EGP flexibility + industrial investment \u2013RenCap: Renaissance Capital is maintaining its expectations that Egypt will manage to eke out growth this fiscal year at around the same rate as FY2019-2020, thanks partly to the government\u2019s decision against […]<\/p>\n","protected":false},"author":1,"featured_media":573094,"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":[2259,2082,271,5542,72,103,182,349,1982,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-amr-helal","tag-carry-trade","tag-central-bank-of-egypt","tag-charles-robertson","tag-enterpriseam","tag-fdi","tag-inflation","tag-interest-rates","tag-renaissance-capital","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"c15ebc53-12a3-4853-9311-b8380efc648c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/7\/156.jpg","photo_position":"above","related_issue":[573088],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s economy is on track to grow this fiscal year, but needs to keep an eye on EGP flexibility + industrial investment \u2013RenCap - 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\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s economy is on track to grow this fiscal year, but needs to keep an eye on EGP flexibility + industrial investment \u2013RenCap\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- Egypt\u2019s economy is on track to grow this fiscal year, but needs to keep an eye on EGP flexibility + industrial investment \u2013RenCap: Renaissance Capital is maintaining its expectations that Egypt will manage to eke out growth this fiscal year at around the same rate as FY2019-2020, thanks partly to the government\u2019s decision against […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-20T03:58:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/156.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s economy is on track to grow this fiscal year, but needs to keep an eye on EGP flexibility + industrial investment \u2013RenCap\",\"datePublished\":\"2020-07-20T03:58:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/\"},\"wordCount\":1158,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/156.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Amr Helal\",\"carry trade\",\"Central Bank of Egypt\",\"Charles Robertson\",\"EnterpriseAM\",\"FDI\",\"inflation\",\"interest rates\",\"Renaissance Capital\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/\",\"name\":\"Egypt\u2019s economy is on track to grow this fiscal year, but needs to keep an eye on EGP flexibility + industrial investment \u2013RenCap - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/156.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2020-07-20T03:58:06+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/156.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/156.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Egypt\u2019s economy is on track to grow this fiscal year, but needs to keep an eye on EGP flexibility + industrial investment \u2013RenCap\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Egypt\u2019s economy is on track to grow this fiscal year, but needs to keep an eye on EGP flexibility + industrial investment \u2013RenCap - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/","og_locale":"en_US","og_type":"article","og_title":"Egypt\u2019s economy is on track to grow this fiscal year, but needs to keep an eye on EGP flexibility + industrial investment \u2013RenCap","og_description":"EXCLUSIVE- Egypt\u2019s economy is on track to grow this fiscal year, but needs to keep an eye on EGP flexibility + industrial investment \u2013RenCap: Renaissance Capital is maintaining its expectations that Egypt will manage to eke out growth this fiscal year at around the same rate as FY2019-2020, thanks partly to the government\u2019s decision against […]","og_url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2020-07-20T03:58:06+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/156.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Egypt\u2019s economy is on track to grow this fiscal year, but needs to keep an eye on EGP flexibility + industrial investment \u2013RenCap","datePublished":"2020-07-20T03:58:06+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/"},"wordCount":1158,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/156.jpg?fit=%2C&ssl=1","keywords":["Amr Helal","carry trade","Central Bank of Egypt","Charles Robertson","EnterpriseAM","FDI","inflation","interest rates","Renaissance Capital","SPEED ROUND"],"articleSection":["Speed Round"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/","url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/","name":"Egypt\u2019s economy is on track to grow this fiscal year, but needs to keep an eye on EGP flexibility + industrial investment \u2013RenCap - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/156.jpg?fit=%2C&ssl=1","datePublished":"2020-07-20T03:58:06+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/156.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/156.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/egypts-economy-is-on-track-to-grow-this-fiscal-year-but-needs-to-keep-an-eye-on-egp-flexibility-industrial-investment-rencap\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"Egypt\u2019s economy is on track to grow this fiscal year, but needs to keep an eye on EGP flexibility + industrial investment \u2013RenCap"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/156.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/156.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/156.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":647136,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/03\/egypt-ticks-many-boxes-rencap\/","url_meta":{"origin":573093,"position":0},"title":"Egypt ticks many boxes -RenCap","author":"enterpriseam admin","date":"3 May 2017","format":false,"excerpt":"There are three key takeaways from the Egypt Investor Conference in Cape Town last week, Renaissance Capital says. Corporates have welcomed the float of the EGP despite its negative short-term impact on volumes and margins; wages have been adjusted equitably;and \u201cenergy subsidy reform is under way, gas supply is improving\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":567510,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/26\/rencap-sees-egypt-morocco-leading-industrialization-based-growth-in-mena\/","url_meta":{"origin":573093,"position":1},"title":"RenCap sees Egypt, Morocco leading industrialization-based growth in MENA","author":"enterpriseam admin","date":"26 January 2020","format":false,"excerpt":"RenCap sees Egypt, Morocco leading industrialization-based growth in MENA: Egypt and Morocco are seeing \u201cpromising changes\u201d that should help improve the overall picture for MENA countries\u2019 economic competitiveness, Renaissance Capital Chairman Christopher Charlier said at RenCap\u2019s annual MENA Investors Conference, according to an emailed statement (pdf). Morocco is expected 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563334,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/28\/only-10-egx-companies-are-attractive-to-foreign-investors-says-rencap\/","url_meta":{"origin":573093,"position":2},"title":"Only 10 EGX companies are attractive to foreign investors, says RenCap","author":"enterpriseam admin","date":"28 June 2021","format":false,"excerpt":"Only 10 EGX-listed companies have the market cap and liquidity to be really attractive to foreign investors, Amr Helal, Renaissance Capital\u2019s North Africa CEO, said at a conference yesterday, according to Al Shorouk.Among the top of the list: Speaking at the Portfolio Egypt 2021 conference, Helal named leading private-sector bank\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/343.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":653186,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/31\/rencap-bullish-on-egypt-sees-growth-accelerating-to-6-from-fy2018-19\/","url_meta":{"origin":573093,"position":3},"title":"RenCap bullish on Egypt, sees growth accelerating to 6% from FY2018-19","author":"enterpriseam admin","date":"31 January 2017","format":false,"excerpt":"Egypt is the second \u201cTrump trade\u201d after Russia, Charles Robertson, Renaissance Capital\u2019s global chief economist, believes, according to an emailed research report. Robertson remains bullish on Egypt following an investor trip to Cairo as he believes the government has shown zeal in implementing reforms and it is being supported by\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":649270,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/27\/rencap-says-egypt-is-its-top-pick\/","url_meta":{"origin":573093,"position":4},"title":"RenCap says Egypt is its top pick","author":"enterpriseam admin","date":"27 April 2017","format":false,"excerpt":"Egyptian assets are Renaissance Capital\u2019s top pick: Egypt is now reaping the rewards of the EGP devaluation, according to Rencap\u2019s Global Chief Economist Charles Robertson. He says the weaker EGP \u201cshould spur exports and encourage foreign direct investment over the next few years.\u201d Robertson told Bloomberg \u201cEgypt is one of\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":556369,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/24\/egyptian-economy-to-grow-5-1-this-fiscal-year-reuters-poll\/","url_meta":{"origin":573093,"position":5},"title":"Egyptian economy to grow 5.1% this fiscal year -Reuters poll","author":"enterpriseam admin","date":"24 October 2021","format":false,"excerpt":"Growth of the Egyptian economy will continue to accelerate in FY 2021-2022, expanding at a 5.1% clip before climbing to 5.5% in the following two years as the country continues to recover from the covid-19 pandemic, according to a Reuters poll of analysts. 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\/573093","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=573093"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573093\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/573088"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/573094"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=573093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=573093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=573093"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=573093"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=573093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}