{"id":575544,"date":"2020-10-19T07:26:48","date_gmt":"2020-10-19T07:26:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/19\/egypts-economy-is-on-track-to-finish-the-year-having-grown-3-5\/"},"modified":"2020-10-19T07:26:48","modified_gmt":"2020-10-19T07:26:48","slug":"egypts-economy-is-on-track-to-finish-the-year-having-grown-3-5","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/19\/egypts-economy-is-on-track-to-finish-the-year-having-grown-3-5\/","title":{"rendered":"Egypt\u2019s economy is on track to finish the year having grown 3.5%"},"content":{"rendered":"

<\/a> NOSTRADAMUS AGREES: Egypt\u2019s economy will finish the year having <\/strong>grown 3.5%. <\/strong>That\u2019s our takeaway after Fitch said in a recent report<\/a> that it sees the economy growing at a 3.5% clip this year, adding its projection to similar forecasts from the International Monetary Fund (which recently revised upwards its 2020 growth projections<\/a> to 3.5% from the 2% it forecast in June) as well as Deutsche Bank<\/a> (where the projection is 3.5% growth spanning FY2020-2021). For color: European Bank for Reconstruction and Development also revised its short-term projections<\/a>for Egypt, predicting economic growth of 5% in 2021 and 2% in 2020, making Egypt \u201cthe only economy across all of the EBRD regions likely to escape recession in the 2020 calendar year.\u201d<\/p>\n

Inflation to pick up in the final quarter: <\/strong>Fitch said in a separate report<\/a> it expects core inflation to increase from the current 3.3%<\/a> to 5.3% by the end of the year. Inflation has been on a downward trajectory for much of this year. The headline rate rose last month for the first time since May but at 3.7%<\/a> remains close to record lows. The central bank\u2019s 50 bps rate cut last month<\/a> may help to stimulate inflation in the remaining months of the year.<\/p>\n

Pickup in price growth + risk of global market volatility mean rates are staying put this year:<\/strong> Fitch\u2019s \u201ccore view\u201d remains that the Central Bank of Egypt (CBE) will keep rates on hold through the end of 2020, even though lower-than-expected inflation figures \u201ccould conceivably prompt the IMF to push for further interest rate cuts.\u201d Fitch also anticipates a fresh bout of volatility in global financial markets, which could help pressure investors to sell out of emerging markets. With FX inflows from tourism and the Suez Canal dipping because of the pandemic, Fitch says any liquidity crunch would give the CBE further impetus to keep rates steady. The report notes that there nonetheless remains space for further monetary easing this year, considering Egypt\u2019s real interest rates \u201care still the most attractive globally.\u201d<\/strong><\/p>\n

Expect to see 50 bps-worth of rate cuts in 2021, particularly as inflation figures should remain relatively muted next year<\/strong>, Fitch says. \u201cIndeed, while recovering economic activity will fuel demand-pull pressures to some extent \u2026 cost-push pressures will be contained in the absence of major further subsidy cuts.\u201d<\/p>\n

The EGP may dip against the USD: <\/strong>Fitch also predicts the EGP will come under a bit of pressure to hit EGP 16.25 against the greenback by the end of the year, amounting to a 3.9% slide from the current 15.64 EGP-USD rate.<\/p>\n","protected":false},"excerpt":{"rendered":"

NOSTRADAMUS AGREES: Egypt\u2019s economy will finish the year having grown 3.5%. That\u2019s our takeaway after Fitch said in a recent report that it sees the economy growing at a 3.5% clip this year, adding its projection to similar forecasts from the International Monetary Fund (which recently revised upwards its 2020 growth projections to 3.5% from […]<\/p>\n","protected":false},"author":1,"featured_media":575545,"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":[104,72,8565,348,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-economy","tag-enterpriseam","tag-fitch","tag-gdp","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"3766c26c-9e34-47a3-91b5-f0c88c3caeaa","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/194.jpg","photo_position":"above","related_issue":[575539],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s economy is on track to finish the year having grown 3.5% - 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\/19\/egypts-economy-is-on-track-to-finish-the-year-having-grown-3-5\/\" \/>\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 finish the year having grown 3.5%\" \/>\n<meta property=\"og:description\" content=\"NOSTRADAMUS AGREES: Egypt\u2019s economy will finish the year having grown 3.5%. 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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":576060,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/09\/egyptian-economy-to-grow-4-on-average-each-year-until-2024-fitch\/","url_meta":{"origin":575544,"position":1},"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":570943,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egyptian-economy-to-grow-3-5-in-fy2020-2021-reuters-poll\/","url_meta":{"origin":575544,"position":2},"title":"Egyptian economy to grow 3.5% in FY2020-2021 \u2013Reuters poll","author":"enterpriseam admin","date":"23 April 2020","format":false,"excerpt":"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\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":576522,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/29\/economy-to-grow-at-2-8-4-clip-next-fiscal-year-maait-says\/","url_meta":{"origin":575544,"position":3},"title":"Economy to grow at 2.8-4% clip next fiscal year, Maait says","author":"enterpriseam admin","date":"29 November 2020","format":false,"excerpt":"Egypt\u2019s economy is expected to grow between 2.8-4% in FY2021-2022, Finance Minister Mohamed Maait told DMC over the weekend (watch, runtime: 8:28). The minister had previously said GDP growth would \u201crecover significantly\u201d at the start of FY2021-2022, but stopped short of giving a figure. The World Bank last month 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\/2020\/11\/292.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568218,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/citi-bullish-on-egypt\/","url_meta":{"origin":575544,"position":4},"title":"Citi bullish on Egypt","author":"enterpriseam admin","date":"22 December 2020","format":false,"excerpt":"GDP to return to pre-pandemic levels next year -Citi: Egypt\u2019s economy is expected to grow by 4.6% in FY2020-2021 and 5.4% the following year, according to a Citibank report picked up by the local press. It said it expects tourism to continue rebounding in 1H2021 and offset some of the\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\/2020\/12\/376.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610686,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/26\/fitch-downgrades-egyptian-banks-operating-environment-score-on-ties-to-sovereign-debt\/","url_meta":{"origin":575544,"position":5},"title":"Fitch downgrades Egyptian banks\u2019 operating environment score on ties to sovereign debt","author":"enterpriseam admin","date":"26 November 2023","format":false,"excerpt":"Fitch estimates that about 50% of the total assets of Egypt\u2019s banking sector are invested in government debt, creating a significant exposure","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\/2023\/11\/1342.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\/575544","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=575544"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575544\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/575539"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/575545"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=575544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=575544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=575544"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=575544"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=575544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}