{"id":575116,"date":"2020-10-04T04:02:27","date_gmt":"2020-10-04T04:02:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/egypt-on-track-to-be-only-country-in-ebrds-footprint-to-grow-this-year\/"},"modified":"2020-10-04T04:02:27","modified_gmt":"2020-10-04T04:02:27","slug":"egypt-on-track-to-be-only-country-in-ebrds-footprint-to-grow-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/egypt-on-track-to-be-only-country-in-ebrds-footprint-to-grow-this-year\/","title":{"rendered":"Egypt on track to be only country in EBRD\u2019s footprint to grow this year"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Egypt on track to be only country in EBRD\u2019s footprint to grow this year, investor sees <\/strong><strong>economy expanding at a 5% clip next year. <\/strong>Covid-19 pushed up unemployment and forced many family businesses to close at least temporarily, but Egypt\u2019s economy is still on track to grow at a 2% clip in 2020 and rebound to 5% growth next year. That makes Egypt \u201cthe only economy across all of the EBRD regions likely to escape recession in the 2020 calendar year \u2026 supported partly by large public construction projects and a boom in the telecommunications sector,\u201d the European Bank for Reconstruction and Development said in a statement announcing it has revised its projections through 2021.<\/p>\n<p><strong>Egypt had been growing at 5.4% pace heading into covid<\/strong>, but the economy was hobbled by a partial lockdown and now faces challenges including \u201cweak outlook in the tourism sector, disruptions in global value chains, weaker demand from trading partners, and the slowdown in foreign direct investment.\u201d<\/p>\n<p><strong>Egypt is bouncing back from covid-induced unemployment and the closure of family <\/strong><strong>businesses<\/strong>, EBRD says, based on a survey of 40k adults and nearly 2k SMEs in more than a dozen countries across its footprint. Some 23% of Egyptians who responded to the survey reported having lost their jobs during the pandemic while a third of family businesses closed at least temporarily. Government figures show unemployment <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/80fdf495-1342-4345-a5bd-6387379141bd\">rose to a two-year high of 9.6%<\/a> in the second quarter as the government\u2019s lockdown measures forced businesses across the country to shutter. <strong>Analysts have argued that national megaprojects helped cushion the blow of covid-19 on the Egyptian economy<\/strong>, helped by a stimulus program coordinated between the CBE and the Madbouly government.<\/p>\n<p><strong>IN OTHER NEWS FROM EM: <\/strong><strong>The threat of sovereign bankruptcies in emerging <\/strong><strong>economies will continue to <\/strong><strong>mount unless the G20 extends its debt relief measures<\/strong> for low-income countries introduced earlier this year into 2021, IMF Managing Director Kristalina Georgieva <a href=\"https:\/\/blogs.imf.org\/2020\/10\/01\/reform-of-the-international-debt-architecture-is-urgently-needed\/\">said in a blog post<\/a> on Thursday. Some nations are beginning to feel the crunch, with crisis-stricken Lebanon initiating a restructuring process, Argentina and Ecuador already reaching restructuring agreements with their bondholders, and Zambia and Rwanda warning that they may not be able to meet obligations to their international creditors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt on track to be only country in EBRD\u2019s footprint to grow this year, investor sees economy expanding at a 5% clip next year. Covid-19 pushed up unemployment and forced many family businesses to close at least temporarily, but Egypt\u2019s economy is still on track to grow at a 2% clip in 2020 and rebound [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":575117,"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":[928,72,8808,2380,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-employment","tag-enterpriseam","tag-growth-forecast","tag-speed-round","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"376368f9-a898-4dd3-af9e-b6cda3018b9f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/26.jpg","photo_position":"above","related_issue":[575111],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt on track to be only country in EBRD\u2019s footprint to grow this year - 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\/10\/04\/egypt-on-track-to-be-only-country-in-ebrds-footprint-to-grow-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt on track to be only country in EBRD\u2019s footprint to grow this year\" \/>\n<meta property=\"og:description\" content=\"Egypt on track to be only country in EBRD\u2019s footprint to grow this year, investor sees economy expanding at a 5% clip next year. Covid-19 pushed up unemployment and forced many family businesses to close at least temporarily, but Egypt\u2019s economy is still on track to grow at a 2% clip in 2020 and rebound [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/egypt-on-track-to-be-only-country-in-ebrds-footprint-to-grow-this-year\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-04T04:02:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/26.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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/egypt-on-track-to-be-only-country-in-ebrds-footprint-to-grow-this-year\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/egypt-on-track-to-be-only-country-in-ebrds-footprint-to-grow-this-year\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt on track to be only country in EBRD\u2019s footprint to grow this year\",\"datePublished\":\"2020-10-04T04:02:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/egypt-on-track-to-be-only-country-in-ebrds-footprint-to-grow-this-year\/\"},\"wordCount\":376,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/egypt-on-track-to-be-only-country-in-ebrds-footprint-to-grow-this-year\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/26.jpg?fit=%2C&ssl=1\",\"keywords\":[\"employment\",\"EnterpriseAM\",\"growth forecast\",\"SPEED ROUND\",\"tourism\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/egypt-on-track-to-be-only-country-in-ebrds-footprint-to-grow-this-year\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/egypt-on-track-to-be-only-country-in-ebrds-footprint-to-grow-this-year\/\",\"name\":\"Egypt on track to be only country in EBRD\u2019s footprint to grow this year - 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The bank says in its latest regional outlook growth will\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/11\/2312.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":575116,"position":2},"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. 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 &quot;Speed Round&quot;","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":576060,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/09\/egyptian-economy-to-grow-4-on-average-each-year-until-2024-fitch\/","url_meta":{"origin":575116,"position":3},"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 &quot;Speed Round&quot;","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":570803,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/15\/the-coronavirus-will-trigger-the-worst-global-recession-since-the-great-depression-in-mena-only-egypts-economy-will-grow-this-year-imf\/","url_meta":{"origin":575116,"position":4},"title":"The coronavirus will trigger the worst global recession since the Great Depression; in MENA, only Egypt\u2019s economy will grow this year \u2013IMF","author":"enterpriseam admin","date":"15 April 2020","format":false,"excerpt":"The coronavirus will trigger the worst global recession since the Great Depression, the IMF predicts: The world is facing its greatest economic crisis since the Great Depression as output plummets at a record pace in response to the \u201cGreat Lockdown\u201d put in place to contain covid-19, the IMF warned yesterday.\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/138.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573551,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/10\/egyptian-economy-to-grow-at-2-5-3-clip-in-fy2020-2021-hsbc\/","url_meta":{"origin":575116,"position":5},"title":"Egyptian economy to grow at 2.5-3% clip in FY2020-2021 -HSBC","author":"enterpriseam admin","date":"10 August 2020","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/8\/57.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\/575116","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=575116"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575116\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/575111"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/575117"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=575116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=575116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=575116"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=575116"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=575116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}