{"id":586788,"date":"2023-05-17T00:00:00","date_gmt":"2023-05-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/17\/ebrd-downgrades-egypt-growth-forecast\/"},"modified":"2023-05-17T00:00:00","modified_gmt":"2023-05-17T00:00:00","slug":"ebrd-downgrades-egypt-growth-forecast","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/17\/ebrd-downgrades-egypt-growth-forecast\/","title":{"rendered":"EBRD downgrades Egypt growth forecast"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">The European Bank for Reconstruction and Development (EBRD) has cut its Egypt <\/span><span style=\"font-weight:700\">growth forecast<\/span><span> for the current fiscal year as the economy continues to face headwinds due to a protracted currency crisis and heightened inflation. The multilateral lender now sees the economy growing at a 4.0% clip this year, down 0.7 percentage points from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/81182e7a-cc74-4d08-afd9-ae2523bb7199\" style=\"\">its last forecast<\/a><\/span><span> three months ago, it said in its latest <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/953.pdf\" style=\"\">Regional Economic Prospects report (pdf)<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This is lower than government forecasts: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3ab6ab6-4c7d-4e04-a322-4b5b202f592a\" style=\"\">Projections in the government\u2019s new budget<\/a><\/span><span style=\"\"> see <\/span><span style=\"font-weight:400;\">economic growth slowing to 4.2% in the current fiscal year from 6.6% in FY 2021-2022. GDP will fall again to 4.1% in FY 2023-2024. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The year so far:<\/span><span style=\"\"> Economic growth has slowed to<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bb26b1a5-144e-4ec2-a59e-bf71fb710dc8\" style=\"\">4.2% during the first half<\/a><\/span><span style=\"\"> of FY 2022-2023, <\/span><span>down <\/span><span>9% from the same period last year. The EGP devaluation against the greenback, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8b89cdc-cf1e-4a57-bcf6-75cf185240d0\" style=\"\">soaring inflation<\/a><\/span><span>, and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d48e529f-df57-429c-ac77-650747100ba1\" style=\"\">back-to-back rate hikes<\/a><\/span><span style=\"font-weight:400;\"> have all weighed on economic growth this year, the EBRD said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">2024 forecast trimmed:<\/span><span style=\"\"> The EBRD now sees the economy growing at a 4.8% clip in FY <\/span><span style=\"font-weight:400;\">2023-2024, down from its forecast for 5.0% growth in February.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Pros:<\/span><span style=\"\"> Rising gas exports, the country\u2019s increasing clout as a regional energy hub, and expected <\/span><span style=\"font-weight:400;\">structural reforms to take place under the IMF loan program are all pluses for the Egyptian economy, according to the EBRD.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Cons: <\/span><span style=\"\">\u201cHeadwinds could arise from further inflationary pressures, tighter monetary conditions, <\/span><span style=\"font-weight:400;\">challenges in obtaining external financing, and any slowdown in the implementation of structural reforms, including delays in the sale of state assets,\u201d the bank wrote.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Debt problems:<\/span><span style=\"\"> Egypt is expected to spend 60% of its revenues on servicing its debts this <\/span><span>year, and 70% in 2024, the bank said. The draft budget sees debt servicing costs rising to EGP 1.12 tn in FY 2023-2024,<\/span><span> 52% o<\/span><span style=\"font-weight:400;\">f projected revenues.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EBRD forecasts growth slowing to 4% for FY 2022-23<\/p>\n","protected":false},"author":1,"featured_media":586789,"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":[571,104,72,348],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-ebrd","tag-economy","tag-enterpriseam","tag-gdp","wpautop","entry"],"acf":{"mongo_id":"f374c97f-59fd-426c-ac20-c024ee0e75d3","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/963.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EBRD downgrades Egypt growth forecast","related_issue":[586782],"teaser":"EBRD forecasts growth slowing to 4% for FY 2022-23","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.1af6957e-edc4-46ad-909b-5a34dbc3a7ed.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The EBRD now sees overall growth across its seven regions slowing to\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\/5\/138.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620141,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/ebrd-once-again-slashes-our-growth-forecast-for-2024\/","url_meta":{"origin":586788,"position":2},"title":"EBRD once again slashes our growth forecast for 2024","author":"enterpriseam admin","date":"16 May 2024","format":false,"excerpt":"The EBRD cut our growth forecast for 2024 to 3.9%, down 0.6 percentage points from its September forecast","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\/2024\/5\/1271.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592835,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/07\/ebrd-sees-strong-growth-for-egypt-despite-regional-headwinds\/","url_meta":{"origin":586788,"position":3},"title":"EBRD sees strong growth for Egypt despite regional headwinds","author":"enterpriseam admin","date":"7 November 2019","format":false,"excerpt":"EBRD sees strong growth for Egypt despite regional headwinds: The European Bank for Reconstruction and Development (EBRD) expects Egypt\u2019s economy to grow at a 5.9% clip in FY2019-2020, bucking a weak growth trend in the southern and eastern Mediterranean region. 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":555217,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/07\/ebrd-raises-egypts-fy-2021-2022-growth-outlook\/","url_meta":{"origin":586788,"position":4},"title":"EBRD raises Egypt\u2019s FY 2021-2022 growth outlook","author":"enterpriseam admin","date":"7 November 2021","format":false,"excerpt":"EBRD is more optimistic about Egypt\u2019s growth outlook: Egypt\u2019s economy is on track to grow 4.9% in FY2021-2022, the European Bank for Reconstruction and Development (EBRD) said in its latest Regional Economic Prospects report (pdf) on Thursday. This is an upwards revision of 0.4 percentage points from the bank\u2019s June\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\/11\/345.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":665219,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/14\/ebrd-further-trims-egypts-2025-2026-growth-forecast\/","url_meta":{"origin":586788,"position":5},"title":"EBRD further trims Egypt\u2019s 2025, 2026 growth forecast","author":"enterpriseam admin","date":"14 May 2025","format":false,"excerpt":"The multilateral lender now sees the economy growing 4.0% this year and 4.5% in 2026","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\/2024\/5\/1239.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\/586788","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=586788"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586788\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/586782"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/586789"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=586788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=586788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=586788"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=586788"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=586788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}