{"id":596214,"date":"2019-08-21T04:00:55","date_gmt":"2019-08-21T04:00:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/21\/egyptian-economy-resilient-but-further-reform-needed-to-sustain-growth-iif\/"},"modified":"2019-08-21T04:00:55","modified_gmt":"2019-08-21T04:00:55","slug":"egyptian-economy-resilient-but-further-reform-needed-to-sustain-growth-iif","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/21\/egyptian-economy-resilient-but-further-reform-needed-to-sustain-growth-iif\/","title":{"rendered":"Egyptian economy resilient, but further reform needed to sustain growth- IIF"},"content":{"rendered":"

<\/a> The Egyptian economy has proven resilient, but further reform is needed to sustain growth- IIF:<\/b> Egypt is in a strong and \u201cresilient\u201d position three years after the start of the IMF-backed reform program, but there are still structural challenges to overcome to sustain economic growth, the Institute of International Finance (IIF) said in a report published on Monday. Macroeconomic stability has been underpinned by strong economic growth, which is expected at around 5% beyond the near term, and a healthy banking sector which has seen increasing capitalization and a decrease in non-performing loans. With headline and core inflation falling, the IIF joins the growing chorus of economists predicting an imminent easing of monetary policy.<\/p>\n

Narrowing deficits, steady reserves, and subsidy reductions are all good signs:<\/b> Fiscal consolidation has seen the deficit narrow to 8.2% of GDP, and this is expected to continue falling to 7.2% in FY2019-2020. The primary surplus, meanwhile, is also expected to increase from 1.7% to 2.5% of GDP. Spending on fuel and electricity subsidies is expected to fall to 1% of GDP in the current fiscal year, and targets to completely eliminate them by FY2020-2021 is achievable due to the continued slump in global oil prices, the report says. The current account deficit is expected to narrow to 2.5% of GDP and exports are likely to increase by 7% this fiscal year. Capital inflows, however, are forecast to continue a trend of decline, having fallen to USD 16 bn in FY2018-2019 from USD 27 bn in FY 2017-2018, but with narrowing deficits and a \u201ccomfortable\u201d level of reserves, Egypt is well-positioned to withstand global volatility, the report says.<\/p>\n

But we need more FDI and private sector growth:<\/b> While \u201cconsiderable progress\u201d has been made on a structural level, and legislation has improved the investment climate and the ease of starting new ventures, the report says that the government must work to encourage private sector growth and non-oil FDI to maintain growth of 5-6%. It recommends that the state reduce its role in the economy, reform public procurement, and create more space for private sector initiatives.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Egyptian economy has proven resilient, but further reform is needed to sustain growth- IIF: Egypt is in a strong and \u201cresilient\u201d position three years after the start of the IMF-backed reform program, but there are still structural challenges to overcome to sustain economic growth, the Institute of International Finance (IIF) said in a report […]<\/p>\n","protected":false},"author":1,"featured_media":596215,"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":[9376,72,103,3075,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-deficits","tag-enterpriseam","tag-fdi","tag-institute-of-international-finance","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"f22898b9-9704-46d8-acaf-09766d2ab8f6","is_powered_by":true,"section_story_id":"beefd6b6-5e5a-4847-8159-8476542d0d40","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/8\/622.png","photo_position":"above","related_issue":[596207],"teaser":"","voice_url":""},"yoast_head":"\nEgyptian economy resilient, but further reform needed to sustain growth- IIF - 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Amer noted that the\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\/3\/345.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564559,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/egypt-skated-past-covid-19-but-now-needs-to-double-down-on-deep-reforms-iif\/","url_meta":{"origin":596214,"position":2},"title":"Egypt skated past covid-19, but now needs to double down on \u201cdeep\u201d reforms \u2013IIF","author":"enterpriseam admin","date":"14 February 2021","format":false,"excerpt":"Egypt weathered the worst of the pandemic as the only MENA country to see economic output contract last year, but authorities need to push on with \u201cdeep\u201d structural reforms to keep the momentum going in the long run, the Institute of International Finance said in a report cited by Gulf\u2026","rel":"","context":"In "SPEED ROUND: MACRO"","block_context":{"text":"SPEED ROUND: MACRO","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-macro\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/446.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569800,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/08\/global-growth-could-fall-to-1-this-year-iif\/","url_meta":{"origin":596214,"position":3},"title":"Global growth could fall to 1% this year -IIF","author":"enterpriseam admin","date":"8 March 2020","format":false,"excerpt":"Global growth could fall to 1% this year -IIF: Global economic growth could fall to just 1% this year due to the impact of the covid-19 outbreak on the services and manufacturing sectors, the International Institute of Finance (IIF) has said. In a report published on Thursday, the financial association\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/88.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621395,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/07\/iif-sees-egypt-growth-falling-to-4-in-2022-unless-policymakers-go-for-deeper-structural-reforms\/","url_meta":{"origin":596214,"position":4},"title":"IIF sees Egypt growth falling to 4% in 2022 unless policymakers go for deeper structural reforms","author":"enterpriseam admin","date":"7 November 2018","format":false,"excerpt":"IIF sees Egypt growth falling to 4% in 2022 unless policymakers go for deeper structural reforms: The Institute of International Finance (IIF) sees growth in Egypt falling to 4% in 2022 from an estimated 5% in the state\u2019s current fiscal year \u201cdue to structural bottlenecks and a less favorable global\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":582464,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/06\/economic-overhaul-needed-to-make-imf-program-a-success-says-iif\/","url_meta":{"origin":596214,"position":5},"title":"Economic \u201coverhaul\u201d needed to make IMF program a success, says IIF","author":"enterpriseam admin","date":"6 March 2023","format":false,"excerpt":"Egypt needs to \u201coverhaul\u201d its business environment for the latest IMF program to succeed: That\u2019s the conclusion of the Institute of International Finance (IIF), which published a report last month following a visit to Cairo to talk with policymakers and representatives of financial institutions, including the IMF.The good: \u201cEgypt\u2019s challenges\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\/2023\/3\/Cairo-traffic-1600.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\/596214","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=596214"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596214\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596207"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596215"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596214"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596214"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}