{"id":576060,"date":"2020-11-09T03:51:57","date_gmt":"2020-11-09T03:51:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/09\/egyptian-economy-to-grow-4-on-average-each-year-until-2024-fitch\/"},"modified":"2020-11-09T03:51:57","modified_gmt":"2020-11-09T03:51:57","slug":"egyptian-economy-to-grow-4-on-average-each-year-until-2024-fitch","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/09\/egyptian-economy-to-grow-4-on-average-each-year-until-2024-fitch\/","title":{"rendered":"Egyptian economy to grow 4% on average each year until 2024 -Fitch"},"content":{"rendered":"

<\/a> Egypt is on track to grow at an average 4% clip over each of the coming four years, which<\/strong> would give it the MENA region\u2019s highest real GDP growth rate<\/strong> between 2020 and 2024, according to Fitch Solutions\u2019 monthly MENA outlook picked up by Ahram Online<\/a>.<\/p>\n

The research firm echoed high hopes for Egypt\u2019s growth:<\/strong> Economic growth is projected to slip to 3.3% in FY2020-2021 from 3.5% last year, making Egypt the only regional economy to avoid contraction, Fitch says. The projections follow similar forecasts from the IMF<\/a>, World Bank<\/a>, Deutsche Bank<\/a>, and the European Bank for Reconstruction and Development<\/a>. Fitch projected last month<\/a> that Egypt would close out 2020 clocking economic growth of 3.5%.<\/p>\n

But we\u2019ll be spending more than we make: <\/strong>Egypt\u2019s budget and current account balances are both projected to stay in the negative over the coming four years, Fitch says. The budget deficit will average at 10% of GDP between now and 2024, while the current account deficit will average 2.5%. This is more bearish than the IMF\u2019s outlook<\/a>, which sees the budget deficit widening from 7.5% to 8.1% by the end of the current fiscal year before rapidly narrowing to 5.2% in FY 2021-2022 and 3.8% by FY2024-2025.<\/p>\n

And covid-19 will continue to hold us back:<\/strong> Fitch expects that weak prospects for a rebound in key sources of revenue such as tourism and remittances<\/a>will keep growth muted<\/a>, but says PMI data suggests the worst of the economic impact of the virus on Egypt has passed.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 high hopes for Egypt\u2019s growth: […]<\/p>\n","protected":false},"author":1,"featured_media":576061,"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":[72,3637,348,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-fitch-solutions","tag-gdp","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"bfa6cff2-760e-436d-bcac-ba7cf7f0cc68","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/87.jpg","photo_position":"above","related_issue":[576055],"teaser":"","voice_url":""},"yoast_head":"\nEgyptian economy to grow 4% on average each year until 2024 -Fitch - 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\/11\/09\/egyptian-economy-to-grow-4-on-average-each-year-until-2024-fitch\/\" \/>\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 4% on average each year until 2024 -Fitch\" \/>\n<meta property=\"og:description\" content=\"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. 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In its latest MENA macroeconomic update, the research house forecasts FY2020-2021 GDP growth to come in at 3%, slightly below\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\/1\/127.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571953,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/07\/egypts-construction-sector-to-top-the-region-in-2029-fitch\/","url_meta":{"origin":576060,"position":4},"title":"Egypt\u2019s construction sector to top the region in 2029 -Fitch","author":"enterpriseam admin","date":"7 June 2020","format":false,"excerpt":"Egypt\u2019s construction sector will become the largest in the region by 2029 in terms of value, Fitch Solutions\u2019 BMI research said in a report summed up by cabinet\u2019s Information and Decision Support Center (IDSC). The sector is projected to grow 9% on average between 2020 and 2024 after a short-term\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":573294,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/fitch-affirms-egypts-long-term-fx-issuer-rating-at-b-outlook-stable\/","url_meta":{"origin":576060,"position":5},"title":"Fitch affirms Egypt\u2019s long-term FX issuer rating at B+; outlook stable","author":"enterpriseam admin","date":"28 July 2020","format":false,"excerpt":"Fitch Ratings affirmed yesterday Egypt\u2019s long-term foreign-currency issuer default rating at \u2018B+\u2019 with a \u2018stable\u2019 outlook. The ratings agency said that Egypt\u2019s \u201crecent track record of fiscal and economic reforms, policy commitment to furthering the reform program and ready availability of fiscal and external financing in the face of 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\/2020\/7\/224.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\/576060","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=576060"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576060\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/576055"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/576061"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=576060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=576060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=576060"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=576060"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=576060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}