{"id":595821,"date":"2019-08-07T04:00:26","date_gmt":"2019-08-07T04:00:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/07\/egypts-reform-have-been-a-boon-to-some-investors-but-painful-to-most-others-says-bloomberg\/"},"modified":"2019-08-07T04:00:26","modified_gmt":"2019-08-07T04:00:26","slug":"egypts-reform-have-been-a-boon-to-some-investors-but-painful-to-most-others-says-bloomberg","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/07\/egypts-reform-have-been-a-boon-to-some-investors-but-painful-to-most-others-says-bloomberg\/","title":{"rendered":"Egypt\u2019s reform have been a boon to some investors but painful to most others, says Bloomberg"},"content":{"rendered":"

<\/a> Egypt\u2019s economic reforms have been a boon to some investors but painful to most others, says Bloomberg:<\/b> Last week\u2019s Capmas announcement that Egypt\u2019s poverty rate in FY2017-2018 rose to 32.5% from 27.8% in 2015 has Bloomberg analyzing the wider impact of Egypt\u2019s 2016 economic reforms. While the EGP float and subsidy cuts have driven GDP growth to 5.6% (the best in the region), ended an FX shortage, and turned Egypt into a premier destination for emerging market portfolio investments, \u201cone-third of the population lives in poverty, about double the figure at the start of the century,\u201d note Abeer Abu Omar and Paul Wallace<\/a>. \u201cAt the same time, businesses are cautious and there\u2019s little fresh foreign investment beyond oil and gas,\u201d they added, citing PMI data which shows business contracting in all but two of the past 11 months.<\/p>\n

There is cause for optimism:<\/b> \u201cStill, there was an improvement in July<\/a>. And the investment component of GDP rose 12% year-on-year in real terms in 2H2018,\u201d the piece notes. \u201cThese are the side effects of the fiscal restructuring program that was kicked off in 2016, and hopefully they\u2019re short-term effects,\u201d Allen Sandeep, director of research at Naeem Holdings, told Bloomberg last week<\/a>. He predicted a rebound as private investments and consumer demand as inflation fell to single digits from a 35% peak 2016.<\/p>\n

Improved business climate, interest rate cuts are part of the solution: <\/b>Analysts, including Sandeep, see interest rate cuts as part of a wider macro solution. \u201cThe situation is still weak and getting weaker in terms of demand, and that\u2019s got to do with interest rates being high,\u201d Sandeep said, adding that \u201cprivate investments won\u2019t really take off until the cost of capital drops.\u201d \u201cImprovements in the business environment and public-service delivery, along with interest-rate cuts, would spur further growth,\u201d says said Omneya Ramadan, a senior consultant at Cairo-based Decode Economic and Financial Consulting.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s economic reforms have been a boon to some investors but painful to most others, says Bloomberg: Last week\u2019s Capmas announcement that Egypt\u2019s poverty rate in FY2017-2018 rose to 32.5% from 27.8% in 2015 has Bloomberg analyzing the wider impact of Egypt\u2019s 2016 economic reforms. While the EGP float and subsidy cuts have driven GDP […]<\/p>\n","protected":false},"author":1,"featured_media":595822,"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":[104,72,348,182,185,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-economy","tag-enterpriseam","tag-gdp","tag-inflation","tag-pmi","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"a786c32d-fe85-4087-b480-173aa126b7d9","is_powered_by":true,"section_story_id":"69be6764-5956-4ec6-86dd-4c43bf359348","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/8\/1028.png","photo_position":"above","related_issue":[595814],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s reform have been a boon to some investors but painful to most others, says Bloomberg - 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\/08\/07\/egypts-reform-have-been-a-boon-to-some-investors-but-painful-to-most-others-says-bloomberg\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s reform have been a boon to some investors but painful to most others, says Bloomberg\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s economic reforms have been a boon to some investors but painful to most others, says Bloomberg: Last week\u2019s Capmas announcement that Egypt\u2019s poverty rate in FY2017-2018 rose to 32.5% from 27.8% in 2015 has Bloomberg analyzing the wider impact of Egypt\u2019s 2016 economic reforms. 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This is particularly reflected in Egypt\u2019s account deficit, which shrank by 64% in 1H2017-18 on the back of better tourism, remittances and export figures.Further structural reforms needed: Overall, while Nasser\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\/2018\/4\/1294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":649991,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/14\/reforms-showing-signs-of-success-some-key-challenges-remain\/","url_meta":{"origin":595821,"position":1},"title":"Reforms showing signs of success, some key challenges remain","author":"enterpriseam admin","date":"14 March 2017","format":false,"excerpt":"Egypt\u2019s reforms are showing signs of success, Ahmed Feteha writes in Bloomberg, \u201cforeigners are investing again in stocks and local-currency debt, and [USD] are becoming more available.\u201d Feteha notes, however, that the benefits of the reforms are not yet apparent in all areas and lists a number of challenges. He\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":602267,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/24\/fitch-upgrades-egypts-long-term-credit-rating-to-b-with-a-stable-outlook\/","url_meta":{"origin":595821,"position":2},"title":"Fitch upgrades Egypt\u2019s long-term credit rating to \u2018B+\u2019 with a stable outlook","author":"enterpriseam admin","date":"24 March 2019","format":false,"excerpt":"Fitch Ratings has upgraded Egypt\u2019s long-term foreign-currency issuer default rating to \u2018B+\u2019 with a \u2018stable\u2019 outlook. The agency said that Egypt\u2019s rating upgrade is supported by \u201cfurther progress in implementing economic and fiscal reforms, which are driving improved macroeconomic stability, fiscal consolidation and stronger external finances.\u201d These reforms, the ratings\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\/5\/178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604771,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/12\/fitch-solutions-sees-egypts-fiscal-debt-narrowing-to-6-4-of-gdp-by-fy2019-20\/","url_meta":{"origin":595821,"position":3},"title":"Fitch Solutions sees Egypt\u2019s fiscal debt narrowing to 6.4% of GDP by FY2019-20","author":"enterpriseam admin","date":"12 December 2018","format":false,"excerpt":"More optimism on Egypt\u2019s debt as Fitch sees Egypt\u2019s fiscal debt narrowing to 6.4% of GDP by FY2019-20: Fitch Group\u2019s Fitch Solutions (formerly BMI Research) also expects Egypt\u2019s fiscal debt to narrow to 6.4% of GDP by FY2019-20, down from 9.4% in FY2017-18 on the back of \u201crobust economic growth\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\/2018\/12\/907.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":650720,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/30\/egypts-economic-reforms-to-lead-to-slow-but-steady-improvements-moodys\/","url_meta":{"origin":595821,"position":4},"title":"Egypt\u2019s economic reforms to lead to slow but steady improvements -Moody\u2019s","author":"enterpriseam admin","date":"30 March 2017","format":false,"excerpt":"Moody\u2019s believes the pace of economic reforms in Egypt will continue to show gradual improvements but the recovery could be slower than expected, according to an emailed report. \"The implementation of the IMF program's targets, including reductions in fiscal deficits and government debt levels, as well as improvements in Egypt's\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":638783,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/15\/imf-world-bank-praise-economic-reform-at-fall-meetings\/","url_meta":{"origin":595821,"position":5},"title":"IMF, World Bank praise economic reform at Fall Meetings","author":"enterpriseam admin","date":"15 October 2017","format":false,"excerpt":"The World Bank expects Egypt\u2019s budget deficit to decline to 8.8% of GDP in FY2017-18, the WBG said in its Egypt Economic Outlook October 2017 (pdf). The bank attributed its outlook \u2014 one of the more optimistic ones on the deficit we\u2019ve heard \u2014 to the economic reform program, particularly\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595821","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=595821"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595821\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/595814"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/595822"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=595821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=595821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=595821"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=595821"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=595821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}