{"id":622546,"date":"2018-10-04T04:23:40","date_gmt":"2018-10-04T04:23:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/04\/egypt-growth-momentum-to-continue-in-2018-19-says-iif\/"},"modified":"2018-10-04T04:23:40","modified_gmt":"2018-10-04T04:23:40","slug":"egypt-growth-momentum-to-continue-in-2018-19-says-iif","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/04\/egypt-growth-momentum-to-continue-in-2018-19-says-iif\/","title":{"rendered":"Egypt growth momentum to continue in 2018-19, says IIF"},"content":{"rendered":"

<\/a> Egypt growth momentum to continue in 2018-19, says IIF: <\/strong>Egypt\u2019s growth momentum looks set to continue into 2019, with GDP growth projected to accelerate to 5.6% next year from 5.2% in 2018, according to a MENA report from the International Institute of Finance (IIF) (pdf)<\/a>. This growth will largely be supported by higher tourism receipts and rising natural gas production, with expectations that gas exports will begin in 2019. The IIF is a global trade group for the financial industry, with more than 400 members in 70 countries.<\/p>\n

Debt dynamics in Egypt to improve:<\/strong> \u201cThe gradual fiscal consolidation underway combined with further pickup in real GDP growth underlie our projected steady decline in the public debt-to-GDP ratio,\u201d the IIF said. While interest payments and debt service has increased, these are likely to be offset by continued reforms such as cutting subsidies and lowering the budget deficit. The IIF sees the deficit narrowing to 8.4% of GDP in FY2018-19, with a primary surplus of 2.1% of GDP.<\/p>\n

Limited risk of contagion from EM sell-off: <\/strong>The report notes that contagion from Turkey and other emerging markets has been limited. This is a far cry from another report earlier in September, which put Egypt as one of the MENA countries most at risk of EM contagion on the basis that it is a net oil importer. That report did not appear to factor in gas exports, which this report does.<\/p>\n

More needs to be done for the private sector: <\/strong>The report\u2019s most glaring criticism is that Egypt has still much to do to bolster the private sector. It says that Egypt\u2019s economy \u201cremains shackled by a public sector that is bloated, inefficient and unresponsive to market signals. \u2026Egypt needs to make the economy more responsive to market forces and empower the private sector. Laws and regulations governing business and investment need to be overhauled and brought in line with best practices in successful emerging economies.\u201d<\/p>\n

And on the EGP<\/strong>, the IIF sees that while the FX rate has held steady at around EGP 18 per USD 1, the \u201creal effective exchange rate is undervalued,\u201d adding that, \u201cImproved competitiveness from the sharp depreciation in November 2016 and structural reforms continues to boost exports of goods and services, particularly tourism, and restrain imports, leading to narrower current account deficits, which we expect to narrow further to 2.6% of GDP in 2019.\u201d<\/p>\n

As for the overall MENA assessment<\/strong>, the IIF repeated projections that GCC countries will drive regional growth on the back of higher fuel prices.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt growth momentum to continue in 2018-19, says IIF: Egypt\u2019s growth momentum looks set to continue into 2019, with GDP growth projected to accelerate to 5.6% next year from 5.2% in 2018, according to a MENA report from the International Institute of Finance (IIF) (pdf). This growth will largely be supported by higher tourism receipts […]<\/p>\n","protected":false},"author":1,"featured_media":622547,"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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"fc55d88f-c38c-4da1-adc6-b9c151607e47","order":"0","is_powered_by":true,"section_story_id":"303d08b2-70eb-4816-aadc-77ff373e1d7b","story_type":"1","photo_url":"https:\/\/ent.news\/2018\/10\/428.jpg","photo_position":"above","related_issue":[622537],"teaser":"","voice_url":""},"yoast_head":"\nEgypt growth momentum to continue in 2018-19, says IIF - 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\/2018\/10\/04\/egypt-growth-momentum-to-continue-in-2018-19-says-iif\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt growth momentum to continue in 2018-19, says IIF\" \/>\n<meta property=\"og:description\" content=\"Egypt growth momentum to continue in 2018-19, says IIF: Egypt\u2019s growth momentum looks set to continue into 2019, with GDP growth projected to accelerate to 5.6% next year from 5.2% in 2018, according to a MENA report from the International Institute of Finance (IIF) (pdf). 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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\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\/2019\/8\/622.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570418,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/iif-downgrades-egypts-2020-growth-forecast-to-2-7\/","url_meta":{"origin":622546,"position":1},"title":"IIF downgrades Egypt\u2019s 2020 growth forecast to 2.7%","author":"enterpriseam admin","date":"31 March 2020","format":false,"excerpt":"IIF downgrades Egypt\u2019s 2020 growth forecast to 2.7%: The Institute of 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governments and households reached a record USD 71.4 tn in 2Q2019, amounting to around 220% of EM GDP, according to the Institute of International Finance (IIF). The Global Debt\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\/2019\/11\/2601.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602678,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/03\/iif-expects-egypt-to-see-usd-12-15-bn-of-net-foreign-inflows-in-fy2018-19-says-economy-will-grow-5-5-this-year\/","url_meta":{"origin":622546,"position":4},"title":"IIF expects Egypt to see USD 12-15 bn of net foreign inflows in FY2018-19, says economy will grow 5.5% this year","author":"enterpriseam admin","date":"3 April 2019","format":false,"excerpt":"Egypt will see net capital inflows of between USD 12 and USD 15 bn by the end of the current fiscal year, the Institute of International Finance (IIF) said in a research note (paywall). Inflows will remain positive through to the end of June as foreign investment into government treasuries\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\/2019\/4\/1972.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589635,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/06\/flexible-exchange-rate-is-key-to-getting-out-of-our-bottleneck-iif-says\/","url_meta":{"origin":622546,"position":5},"title":"Flexible exchange rate is key to getting out of our bottleneck, IIF says","author":"enterpriseam admin","date":"6 July 2023","format":false,"excerpt":"Delayed IMF program, high debt levels, twin deficits and rising net foreign liabilities weighing on nation\u2019s finances","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\/7\/111.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\/622546","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=622546"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622546\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/622537"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/622547"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=622546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=622546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=622546"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=622546"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=622546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}