{"id":594591,"date":"2019-09-02T03:51:57","date_gmt":"2019-09-02T03:51:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/02\/egypts-economy-to-grow-4-5-this-fiscal-year-before-accelerating-to-6-0-in-fy2021-2022\/"},"modified":"2019-09-02T03:51:57","modified_gmt":"2019-09-02T03:51:57","slug":"egypts-economy-to-grow-4-5-this-fiscal-year-before-accelerating-to-6-0-in-fy2021-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/02\/egypts-economy-to-grow-4-5-this-fiscal-year-before-accelerating-to-6-0-in-fy2021-2022\/","title":{"rendered":"Egypt\u2019s economy to grow 4.5% this fiscal year before accelerating to 6.0% in FY2021-2022"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <b>Egypt\u2019s economy will grow at a 4.5% clip this fiscal year before accelerating to 6.0% in FY2021-2022<\/b>, the Economist Intelligence Unit (EIU) said in <a href=\"https:\/\/ent.news\/2019\/9\/2055.pdf\">a report last week (pdf)<\/a>. The forecast for the current fiscal year is much more modest than <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/20\/house-committee-approves-fy2019-2020-draft-budget\/\">the government\u2019s target<\/a>of 6.0% outlined in the state budget. According to the EIU, measures to balance the tough reform program with \u201ccontaining public discontent,\u201d including raising public sector wages, will weigh on Egypt\u2019s fiscal position, but tax revenues will improve public finances over the next four years \u201cin tandem with robust GDP growth.\u201d The report expects Egypt\u2019s fiscal deficit to narrow to 6.0% of GDP by FY2022-2023, from 9.5% in FY2017-2018 on the back of lower spending on subsidies and higher tax revenues. \u201cThe current account will move into surplus from 2021, owing to lower oil import costs in the second half of the forecast period and as export growth outpaces import growth.\u201d Inflation, meanwhile, is expected to average 11.8% this fiscal year before gradually cooling to 7.5% by FY2022-2023.<\/p>\n<p><b>Economic, fiscal, and regulatory reforms are expected to continue past the end of the IMF program<\/b>, the EIU says, \u201calthough business-related structural reforms will proceed slowly owing to opposition from vested interests within state bodies.\u201d The report also notes that it does not expect Egypt to seek further funding from the IMF to support the remainder of its reforms. Finance Minister Mohamed Maait <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/26\/egypt-hopes-to-reach-a-non-loan-program-agreement-with-imf-before-october\/\">had said in June<\/a> that Egypt is in talks with the IMF over a non-loan program and is hoping to reach a final agreement by next month.<\/p>\n<p><b>The report identifies a few \u201cmajor risks\u201d to Egypt\u2019s economic outlook<\/b>, with a slowing pace of socially sensitive reforms due to concerns about popular unrest seen as a high probability risk with a high impact. Other risks with a moderate probability of occurring include the government raising corporate taxes on the back of fiscal pressure, increased volatility in the EGP from negative foreign assets (both of which would have a \u201cvery high\u201d impact on the economic outlook), and investments being deterred from \u201copaque legal proceedings.\u201d The EIU also sees a moderate probability of a sustained terrorist campaign that would negatively affect tourism.<\/p>\n<hr class=\"grey-line\">\n","protected":false},"excerpt":{"rendered":"<p>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. According to the EIU, measures [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":594592,"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":[72,11101,11100,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-594591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-fiscal-consolidation","tag-imf-program","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"66d7996a-6cc4-4f2e-82da-3248f0f29fd1","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/9\/1476.png","photo_position":"above","related_issue":[594586],"teaser":"","voice_url":""},"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>Egypt\u2019s economy to grow 4.5% this fiscal year before accelerating to 6.0% in FY2021-2022 - 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\/2019\/09\/02\/egypts-economy-to-grow-4-5-this-fiscal-year-before-accelerating-to-6-0-in-fy2021-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s economy to grow 4.5% this fiscal year before accelerating to 6.0% in FY2021-2022\" \/>\n<meta property=\"og:description\" content=\"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. According to the EIU, measures [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/02\/egypts-economy-to-grow-4-5-this-fiscal-year-before-accelerating-to-6-0-in-fy2021-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-02T03:51:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2019\/9\/1476.png?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\/2019\/09\/02\/egypts-economy-to-grow-4-5-this-fiscal-year-before-accelerating-to-6-0-in-fy2021-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/02\/egypts-economy-to-grow-4-5-this-fiscal-year-before-accelerating-to-6-0-in-fy2021-2022\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s economy to grow 4.5% this fiscal year before accelerating to 6.0% in FY2021-2022\",\"datePublished\":\"2019-09-02T03:51:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/02\/egypts-economy-to-grow-4-5-this-fiscal-year-before-accelerating-to-6-0-in-fy2021-2022\/\"},\"wordCount\":378,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/02\/egypts-economy-to-grow-4-5-this-fiscal-year-before-accelerating-to-6-0-in-fy2021-2022\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2019\/9\/1476.png?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"fiscal consolidation\",\"IMF program\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"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\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/02\/egypts-economy-to-grow-4-5-this-fiscal-year-before-accelerating-to-6-0-in-fy2021-2022\/\",\"name\":\"Egypt\u2019s economy to grow 4.5% this fiscal year before accelerating to 6.0% in FY2021-2022 - 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The forecast for the current fiscal year is below the lower end of the Finance Ministry\u2019s\u2026","rel":"","context":"In &quot;OUTLOOK&quot;","block_context":{"text":"OUTLOOK","link":"https:\/\/enterpriseam.com\/egypt\/category\/outlook\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/281.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600250,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/23\/egypts-gdp-will-fall-slightly-over-the-next-two-years-un-says\/","url_meta":{"origin":594591,"position":1},"title":"Egypt\u2019s GDP will fall slightly over the next two years, UN says","author":"enterpriseam admin","date":"23 January 2019","format":false,"excerpt":"Egypt\u2019s GDP growth rate will slow slightly over the next two years, hitting 5.2% in 2019 before falling to 4.7% in 2020, the United Nations projects in its 2019 World Economic Situation and Prospects report.Take UN estimates with a pinch of salt: The UN now estimates the Egyptian economy grew\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\/1\/2161.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602627,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/02\/world-bank-sees-egypts-gdp-rising-6-in-2021\/","url_meta":{"origin":594591,"position":2},"title":"World Bank sees Egypt\u2019s GDP rising 6% in 2021","author":"enterpriseam admin","date":"2 April 2019","format":false,"excerpt":"World Bank sees Egypt\u2019s GDP growing 6% in 2021: Egypt\u2019s GDP will grow 5.8% in 2020 and 6.0% in 2021, the World Bank forecasts in its latest MENA report. This is a slower acceleration than the Finance Ministry projected in its draft FY2019-20 fiscal budget, which sees economic growth hitting\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\/4\/201.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":634800,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/24\/imf-releases-report-on-second-review-of-economic-reform-program\/","url_meta":{"origin":594591,"position":3},"title":"IMF releases report on second review of economic reform program","author":"enterpriseam admin","date":"24 January 2018","format":false,"excerpt":"The IMF released its report on the second review of the economic reform program, and as expected, the performance review was stellar across all key indicators. \u201cThis macroeconomic turnaround at home and the supportive global economic environment provide a unique opportunity to carry the reform momentum into areas that have\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599783,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/10\/world-bank-sees-egypt-growth-accelerating-0-2-faster-this-year\/","url_meta":{"origin":594591,"position":4},"title":"World Bank sees Egypt growth accelerating 0.2% faster this year","author":"enterpriseam admin","date":"10 January 2019","format":false,"excerpt":"World Bank sees Egypt growth accelerating 0.2% faster this year: The World Bank sees Egypt\u2019s economic growth accelerating 0.2% faster in 2019 than originally anticipated in 2018, according to its Global Economic Prospects 2019: Darkening Skies report, which it released yesterday. Nonetheless, the World Bank maintained its forecast for Egypt\u2019s\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\/1\/2429.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561793,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/21\/egypts-economy-to-grow-3-1-this-fiscal-year-says-bnp-paribas\/","url_meta":{"origin":594591,"position":5},"title":"Egypt\u2019s economy to grow 3.1% this fiscal year, says BNP Paribas","author":"enterpriseam admin","date":"21 April 2021","format":false,"excerpt":"Egypt\u2019s economy is expected to grow at a 3.1% clip in the government\u2019s current 2020-2021 fiscal year, down from 3.8% in the previous fiscal year, on the back of declining tourism revenues at the outset of the pandemic, BNP Paribas said in a recent economic research report (pdf). Fiscal support\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\/4\/213.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\/594591","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=594591"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/594591\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/594586"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/594592"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=594591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=594591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=594591"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=594591"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=594591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}