{"id":576522,"date":"2020-11-29T03:59:50","date_gmt":"2020-11-29T03:59:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/29\/economy-to-grow-at-2-8-4-clip-next-fiscal-year-maait-says\/"},"modified":"2020-11-29T03:59:50","modified_gmt":"2020-11-29T03:59:50","slug":"economy-to-grow-at-2-8-4-clip-next-fiscal-year-maait-says","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/29\/economy-to-grow-at-2-8-4-clip-next-fiscal-year-maait-says\/","title":{"rendered":"Economy to grow at 2.8-4% clip next fiscal year, Maait says"},"content":{"rendered":"

<\/a> Egypt\u2019s economy is expected to grow between 2.8-4% in FY2021-2022<\/strong>, Finance Minister Mohamed Maait told DMC over the weekend (watch, runtime: 8:28<\/a>). The minister had previously said<\/a> 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<\/a> a 5.8% growth rate for Egypt\u2019s economy over the same period, while a Reuters poll<\/a> put growth for the next fiscal year at a more conservative 5%. Maait had said Egypt\u2019s economy is expected to close out the current fiscal year with 2.8-3.5%<\/a> growth, penciling in a more conservative estimate than the 3.5-3.8% Deputy Planning Minister Ahmed Kamaly had projected earlier this month<\/a>.<\/p>\n

EVERYBODY LOVES EGYPT heading into 2021. <\/strong>We\u2019re the only MENA economy set to grow this year, and the EGX is undervalued compared to regional peers, with the benchmark EGX30 having shed about 20% of its value YTD. From the real economy to the stock market, we\u2019re on the list next year for everybody from Fitch and the EBRD to Credit Suisse (here<\/a> and here<\/a>).<\/p>\n

Egypt\u2019s economy is estimated to have grown<\/strong>3.8% in FY2019-20<\/a><\/strong>, according to preliminary figures. The government had initially projected 6% growth for the fiscal year, but fell short of its target as a result of the economic fallout from covid-19.<\/p>\n

MEANWHILE- Government spending on fuel subsidies fell <\/strong>77%<\/strong> in FY2019-2020<\/strong> to EGP 18.6 bn, while outlays on food assistance slid 7.6% to EGP 80.4 bn, according to new figures (pdf)<\/a> published yesterday by the Finance Ministry.<\/p>\n

Tax revenues up last year despite the impact of covid:<\/strong> Despite the body blow to tax receipts by the pandemic in the fourth quarter of 2019-2020, tax revenue rose 2.5% to EGP 676.8 bn from the previous fiscal year, the report adds.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 a 5.8% growth rate for […]<\/p>\n","protected":false},"author":1,"featured_media":576523,"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":[7206],"tags":[104,72,9728,348,277],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-finance-minister","tag-gdp","tag-mohamed-maait","wpautop","entry"],"acf":{"mongo_id":"cebea648-44f4-4769-9c64-352f55716a8d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/292.jpg","photo_position":"above","related_issue":[576514],"teaser":"","voice_url":""},"yoast_head":"\nEconomy to grow at 2.8-4% clip next fiscal year, Maait says - 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\/29\/economy-to-grow-at-2-8-4-clip-next-fiscal-year-maait-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy to grow at 2.8-4% clip next fiscal year, Maait says\" \/>\n<meta property=\"og:description\" content=\"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). 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The government is constantly updating its forecasts for Egypt\u2019s economic growth as developments in the global economy\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559318,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/foreign-holdings-near-pre-covid-peak\/","url_meta":{"origin":576522,"position":1},"title":"Foreign holdings near pre-covid peak","author":"enterpriseam admin","date":"18 January 2021","format":false,"excerpt":"Foreign investment in EGP bonds has continued to rebound through the beginning of 2021, with total holdings now standing at USD 26 bn, Minister Mohamed Maait told Al Arabiya and CNBC in separate interviews yesterday. This is up from USD 23 bn at the end of November and is less\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\/199.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559198,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/cloudy-with-a-chance-of\/","url_meta":{"origin":576522,"position":2},"title":"Cloudy with a chance of\u2026","author":"enterpriseam admin","date":"13 January 2021","format":false,"excerpt":"EXCLUSIVE- Expect to see revised GDP growth targets for the current fiscal year sometime this month as the Finance Ministry takes stock of economic performance in 1H2020-2021 and amends the full-year expectations accordingly, Finance Minister Mohamed Maait told Enterprise. The ministry will not make legal amendments to the state budget,\u2026","rel":"","context":"In "BUDGET WATCH"","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/142.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561395,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/06\/operation-tax-spend\/","url_meta":{"origin":576522,"position":3},"title":"Operation tax + spend","author":"enterpriseam admin","date":"6 April 2021","format":false,"excerpt":"Higher tax revenues will be used to subsidize increased government spending in the coming fiscal year, Finance Minister Mohamed Maait said yesterday. The Finance Ministry expects tax receipts to grow 11-12% in FY2020-2021, which will allow the government to pay for an increase in wages over the coming year, Maait\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\/4\/49.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594591,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/02\/egypts-economy-to-grow-4-5-this-fiscal-year-before-accelerating-to-6-0-in-fy2021-2022\/","url_meta":{"origin":576522,"position":4},"title":"Egypt\u2019s economy to grow 4.5% this fiscal year before accelerating to 6.0% in FY2021-2022","author":"enterpriseam admin","date":"2 September 2019","format":false,"excerpt":"Egypt\u2019s economy will grow at a 4.5% clip this fiscal year before accelerating to 6.0% in FY2021-2022, the Economist Intelligence Unit (EIU) said in a report last week (pdf). The forecast for the current fiscal year is much more modest than the government\u2019s targetof 6.0% outlined in the state budget.\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\/9\/1476.png?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":576522,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576522","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=576522"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576522\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/576514"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/576523"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=576522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=576522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=576522"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=576522"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=576522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}