{"id":573551,"date":"2020-08-10T04:09:41","date_gmt":"2020-08-10T04:09:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/10\/egyptian-economy-to-grow-at-2-5-3-clip-in-fy2020-2021-hsbc\/"},"modified":"2020-08-10T04:09:41","modified_gmt":"2020-08-10T04:09:41","slug":"egyptian-economy-to-grow-at-2-5-3-clip-in-fy2020-2021-hsbc","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/10\/egyptian-economy-to-grow-at-2-5-3-clip-in-fy2020-2021-hsbc\/","title":{"rendered":"Egyptian economy to grow at 2.5-3% clip in FY2020-2021 -HSBC"},"content":{"rendered":"

<\/a> HSBC sees the Egyptian economy growing at a 2.5-3% clip in FY2020-2021<\/strong> as strong economic fundamentals help the country weather the worst of the economic fallout caused by the covid-19 pandemic, according to a research note picked up by the local press<\/a>. Growth will remain weak for the remainder of 2020, but the outlook over the next 18 months remains positive, with output likely picking up in 2021<\/strong>, the bank said. HSBC\u2019s forecast is significantly below the Finance Ministry\u2019s estimate<\/a>, which sees GDP growing at a 5% clip this fiscal year.<\/p>\n

Egypt\u2019s success at securing international funding and attracting bond investors underlines the country\u2019s economic stability<\/strong>, analysts wrote. The country has obtained USD 8 bn in loans<\/a> from the IMF and a USD 50 mn facility<\/a> from the World Bank to help it cope with the effects of the pandemic, while its USD 5 bn eurobond issuance<\/a> in May was well received by foreign investors.<\/p>\n

HSBC sees t<\/strong>he budget deficit widening to 9% of GDP<\/strong> by the end of the current fiscal year from 7.8% last year<\/a>, almost reversing two years\u2019 of progress that saw the deficit narrow from 9.8% in FY2017-2018<\/a>. The government currently expects<\/a> the deficit to narrow further to 6.3% this year.<\/p>\n

Pressure on Egypt\u2019s key sources of hard currency will continue:<\/strong> Suez Canal revenues will remain weak amid a slowdown in global trade while the tourism sector will take time to recover from the suspension of international travel earlier in the year. Remittance flows will depend to a large extent on the trajectory of the Gulf economies. Recessions in countries with large Egyptian workforces could reduce demand for Egyptian labor as governments look to provide jobs for the local populations.<\/p>\n","protected":false},"excerpt":{"rendered":"

HSBC sees the Egyptian economy growing at a 2.5-3% clip in FY2020-2021 as strong economic fundamentals help the country weather the worst of the economic fallout caused by the covid-19 pandemic, according to a research note picked up by the local press. Growth will remain weak for the remainder of 2020, but the outlook over […]<\/p>\n","protected":false},"author":1,"featured_media":573552,"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":[864,104,72,348,490,272,2380,7103,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-budget-deficit","tag-economy","tag-enterpriseam","tag-gdp","tag-hsbc","tag-imf","tag-speed-round","tag-suez-canal","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"55afc922-0f20-4098-8c1f-79eb6f738cb4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/8\/57.jpg","photo_position":"above","related_issue":[573546],"teaser":"","voice_url":""},"yoast_head":"\nEgyptian economy to grow at 2.5-3% clip in FY2020-2021 -HSBC - 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\/08\/10\/egyptian-economy-to-grow-at-2-5-3-clip-in-fy2020-2021-hsbc\/\" \/>\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 at 2.5-3% clip in FY2020-2021 -HSBC\" \/>\n<meta property=\"og:description\" content=\"HSBC sees the Egyptian economy growing at a 2.5-3% clip in FY2020-2021 as strong economic fundamentals help the country weather the worst of the economic fallout caused by the covid-19 pandemic, according to a research note picked up by the local press. 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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":571843,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/02\/egypts-gdp-to-grow-2-5-this-fiscal-year-3-7-in-the-next-one-focuseconomics\/","url_meta":{"origin":573551,"position":1},"title":"Egypt\u2019s GDP to grow 2.5% this fiscal year, 3.7% in the next one -FocusEconomics","author":"enterpriseam admin","date":"2 June 2020","format":false,"excerpt":"Egypt\u2019s GDP to end current fiscal year with 2.5% growth, record 3.7% in FY2020-2021 -FocusEconomics: Egypt\u2019s GDP growth is expected to clock in at 2.5% this fiscal year, which wraps on 31 June, according to revised forecasts from Spain-based FocusEconomics picked up by the local press. The research firm expects\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":576060,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/09\/egyptian-economy-to-grow-4-on-average-each-year-until-2024-fitch\/","url_meta":{"origin":573551,"position":2},"title":"Egyptian economy to grow 4% on average each year until 2024 -Fitch","author":"enterpriseam admin","date":"9 November 2020","format":false,"excerpt":"Egypt is on track to grow at an average 4% clip over each of the coming four years, which would give it the MENA region\u2019s highest real GDP growth rate between 2020 and 2024, according to Fitch Solutions\u2019 monthly MENA outlook picked up by Ahram Online. 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":572302,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/21\/finmin-sees-egypts-economy-growing-5-next-fiscal-year-maait-says\/","url_meta":{"origin":573551,"position":3},"title":"FinMin sees Egypt\u2019s economy growing 5% next fiscal year, Maait says","author":"enterpriseam admin","date":"21 June 2020","format":false,"excerpt":"Gov\u2019t revises its FY2020-2021 growth target upward to 5%: The Finance Ministry sees Egypt\u2019s GDP growing at a 5% clip in FY2020-2021, Minister Mohamed Maait said in a webinar hosted by the British Egyptian Business Association on Thursday. The figure is higher than the Planning Ministry\u2019s most recent projection \u2014\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\/6\/202.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":573551,"position":4},"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":596827,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/09\/economic-growth-to-remain-stable-over-the-coming-two-years-nbk\/","url_meta":{"origin":573551,"position":5},"title":"Economic growth to remain stable over the coming two years -NBK","author":"enterpriseam admin","date":"9 July 2019","format":false,"excerpt":"Economic growth to remain stable over the coming two years -NBK: Egypt\u2019s economic growth is set to remain stable over the coming two years, with GDP expanding at a 5.2% clip during the current fiscal year and 5.0% in FY2020-2021, the National Bank of Kuwait (NBK) forecasts in a new\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\/2019\/7\/1388.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573551","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=573551"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573551\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/573546"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/573552"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=573551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=573551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=573551"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=573551"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=573551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}