{"id":579278,"date":"2023-02-01T04:15:29","date_gmt":"2023-02-01T04:15:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/imf-trims-egypt-growth-forecast\/"},"modified":"2023-02-01T04:15:29","modified_gmt":"2023-02-01T04:15:29","slug":"imf-trims-egypt-growth-forecast","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/imf-trims-egypt-growth-forecast\/","title":{"rendered":"IMF trims Egypt growth forecast"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>The IMF has cut its economic growth forecast for Egypt<\/strong>, saying it sees GDP growing 4.0% this year, a 0.4 percentage point trim from its previous <a href=\"https:\/\/ent.news\/2022\/10\/IMF-WEO-October2022.pdf\">forecast<\/a> in October, according to its updated World Economic Outlook released yesterday (<a href=\"https:\/\/ent.news\/2023\/1\/IMF-World-Economic-Outlook-Jan-2023.pdf\">here<\/a> and <a href=\"https:\/\/ent.news\/2023\/1\/WEOJanuary2023update.pdf\">here, pdf<\/a>). That\u2019s in line with forecasts from the Madbouly government, which in November predicted 4.0% growth in a <a href=\"https:\/\/ent.news\/2023\/1\/IMF-Staff-report.pdf\">letter of intent (pdf)<\/a> sent to the IMF to secure its USD 3 bn loan.<\/p>\n<p><strong>Other analysts are a bit more optimistic: <\/strong>A <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c07707c9-cb74-42d5-9e9c-3207f3a64a2d\">Reuters poll<\/a> last week predicted growth of 4.8% in the current fiscal year, while the World Bank expects <a href=\"https:\/\/documents1.worldbank.org\/curated\/en\/099621012192231309\/pdf\/IDU0c5d5a70a0938f043180b4d900cb9cfae8278.pdf\">4.5%<\/a>, and Fitch has penciled in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/965b83fa-dcfb-40d5-adaf-2980518f0c75\">4.4%<\/a>.<\/p>\n<p><strong>We may put the worst behind us at the end of the year: <\/strong>The IMF expects the economy to expand at a 5.3% clip in 2024. The Madbouly government, meanwhile, sees growth clocking in at 5.5-6.0% in the medium term.<\/p>\n<p><strong>Global growth will also bottom out this year: <\/strong>The Fund\u2019s updated 2023 forecast for the global economy is a little less somber than in October thanks to slowing inflation, China\u2019s re-opening, and demand resilience in Europe and the US. The IMF now expects global economic growth to slow to 2.9% this year from 3.4% in 2022, a slight upgrade of 0.2 percentage points.<\/p>\n<p><strong>MENA growth downgraded:<\/strong> MENA GDP will slow to 3.2% in 2023 from 5.4% last year, according to the Fund\u2019s latest forecasts. That\u2019s a downgrade from the 3.6% it was projecting in October.<\/p>\n<p><strong>Half of EMs are already out of the slump: <\/strong>Only around 50% of emerging markets (EMs) and developing economies will see higher growth this year than they did last year. However, overall growth in EMs and developing economies already bottomed out at 3.9% in 2022, the IMF says, and is projected to rise to 3.9% this year and 4.2% in 2024. The downslide that\u2019s expected in global growth this year is driven by a lag in advanced economies.<\/p>\n<p><strong>UH, ENTERPRISE? What\u2019s GDP, anyway? <\/strong>Think of it as an attempt to sum up the total value of everything made inside a country\u2019s borders \u2014 all the finished goods and services cranked out in a 12-month period. The good folks at Planet Money (our favorite econ podcast) had a deep dive into GDP, where the concept came from, and how it\u2019s used in their 2022 \u201cSummer School\u201d series. You can <a href=\"https:\/\/www.npr.org\/2022\/07\/20\/1112482124\/planet-money-summer-school-2-gdp-what-counts\">listen here on the web<\/a> or <a href=\"https:\/\/podcasts.apple.com\/in\/podcast\/summer-school-2-gdp-what-counts\/id290783428?i=1000570647385\">here on Apple Podcasts<\/a> (runtime: 25:00).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IMF has cut its economic growth forecast for Egypt, saying it sees GDP growing 4.0% this year, a 0.4 percentage point trim from its previous forecast in October, according to its updated World Economic Outlook released yesterday (here and here, pdf). That\u2019s in line with forecasts from the Madbouly government, which in November predicted [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":579279,"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":[104,72,6418,272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-579278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-growth-projections","tag-imf","wpautop","entry"],"acf":{"mongo_id":"3b8fd27d-d36f-4e01-8b38-7485f8cb2eeb","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/3.jpg","photo_position":"above","related_issue":[579273],"teaser":""},"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>IMF trims Egypt growth forecast - 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\/2023\/02\/01\/imf-trims-egypt-growth-forecast\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF trims Egypt growth forecast\" \/>\n<meta property=\"og:description\" content=\"The IMF has cut its economic growth forecast for Egypt, saying it sees GDP growing 4.0% this year, a 0.4 percentage point trim from its previous forecast in October, according to its updated World Economic Outlook released yesterday (here and here, pdf). That\u2019s in line with forecasts from the Madbouly government, which in November predicted [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/imf-trims-egypt-growth-forecast\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-01T04:15:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/3.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\/2023\/02\/01\/imf-trims-egypt-growth-forecast\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/imf-trims-egypt-growth-forecast\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"IMF trims Egypt growth forecast\",\"datePublished\":\"2023-02-01T04:15:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/imf-trims-egypt-growth-forecast\/\"},\"wordCount\":389,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/imf-trims-egypt-growth-forecast\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/3.jpg?fit=%2C&ssl=1\",\"keywords\":[\"economy\",\"EnterpriseAM\",\"growth projections\",\"IMF\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/imf-trims-egypt-growth-forecast\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/imf-trims-egypt-growth-forecast\/\",\"name\":\"IMF trims Egypt growth forecast - 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This is a downwards revision from the 3.3% growth economists predicted in the last poll the newswire conducted in October. The forecast sits at the lower end of the Finance Ministry\u2019s most recent GDP\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/343.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548131,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/imf-is-gloomy-and-uncertain-on-global-economy\/","url_meta":{"origin":579278,"position":2},"title":"IMF is \u201cgloomy and uncertain\u201d on global economy","author":"enterpriseam admin","date":"27 July 2022","format":false,"excerpt":"The IMF has revised downwards its global growth outlook for this year and next, warning that gathering headwinds are pushing the world closer to recession. In its updated World Economic Outlook (pdf) released yesterday, the Fund cut its 2022 forecast by 0.4 percentage points and now sees the global growth\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/281.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593994,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/16\/imf-downgrades-expectations-for-2019-global-growth-amid-synchronized-slowdown\/","url_meta":{"origin":579278,"position":3},"title":"IMF downgrades expectations for 2019 global growth amid \u201csynchronized slowdown\u201d","author":"enterpriseam admin","date":"16 October 2019","format":false,"excerpt":"IMF downgrades 2019 global growth outlook to 3%: The global economy is in a \u201csynchronized slowdown,\u201d IMF Chief Economist Gita Gopinath said in the fund\u2019s latest World Economic Outlook (pdf), which has again downgraded its 2019 growth projections to 3.0% from 3.3% in its April report. Growth is expected to\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\/10\/153.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542966,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/egypt-bucks-the-trend-as-imf-downgrades-global-growth\/","url_meta":{"origin":579278,"position":4},"title":"Egypt bucks the trend as IMF downgrades global growth","author":"enterpriseam admin","date":"26 January 2022","format":false,"excerpt":"The IMF downgraded its projection for global growth in 2022 to 4.4% in its World Economic Outlook update, down 0.5 percentage points from its last outlook report in October. The lender sees growth slowing to 3.8% in 2023, noting that, although this forecast is 0.2 percentage points higher than its\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/340.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579158,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/economy-to-grow-4-8-this-fiscal-year-reuters-poll\/","url_meta":{"origin":579278,"position":5},"title":"Economy to grow 4.8% this fiscal year -Reuters poll","author":"enterpriseam admin","date":"29 January 2023","format":false,"excerpt":"The economy could grow more than the gov\u2019t thinks this fiscal year: The economy will grow at a 4.8% clip in FY 2022-2023, according to a Reuters poll of economists. That\u2019s down from 6.6% last year, but above government forecasts. The Madbouly government is currently predicting GDP growth to come\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/473.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\/579278","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=579278"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/579278\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/579273"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/579279"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=579278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=579278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=579278"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=579278"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=579278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}