{"id":633593,"date":"2024-07-17T00:00:00","date_gmt":"2024-07-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/everything-you-need-to-know-about-the-imfs-latest-world-economic-outlook-update\/"},"modified":"2024-07-17T00:00:00","modified_gmt":"2024-07-17T00:00:00","slug":"everything-you-need-to-know-about-the-imfs-latest-world-economic-outlook-update","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/everything-you-need-to-know-about-the-imfs-latest-world-economic-outlook-update\/","title":{"rendered":"Everything you need to know about the IMF\u2019s latest World Economic Outlook update"},"content":{"rendered":"

IMF holds global growth forecast steady: <\/strong>The International Monetary Fund maintained its 2024 global growth outlook at 3.2% in its updated World Economic Outlook (pdf)<\/a> and slightly upgraded its 2025 outlook to 3.3%. <\/p>\n

The regional outlook: <\/strong>The Fund slashed Saudi Arabia\u2019s growth outlook for the year by 0.9 percentage points to 1.7% and next year\u2019s by 1.3 percentage points to 4.7%, mainly due to the extension of oil production cuts. This downgrade dragged the regional outlook for 2024 to 2.4%, down 0.4 percentage points from April\u2019s forecast.<\/span><\/p>\n

Where do major economies stand? <\/strong>Both the US and Japan saw their outlook slashed \u2014 the US saw its 2024 forecast trimmed 0.1 percentage points to 2.6% thanks to \u201ca sharper-than-expected slowdown in growth reflected moderating consumption and a negative contribution from net trade.\u201d Meanwhile, the Fund sees the Japanese economy growing at a 0.7% clip this year, down 0.2 percentage points from April\u2019s forecast due to \u201ctemporary supply disruptions linked to the shutdown of a major automobile plant in the first quarter.\u201d<\/p>\n

It\u2019s a different story for the Eurozone<\/strong>, which saw its 2024 growth revised upwards 0.1 percentage points to 0.9%, mainly driven by a more optimistic growth outlook for France and Spain. <\/p>\n

Also revised upwards<\/strong>, was growth in India and China \u2014 which accounted for close to half of global growth. The Fund sees the Chinese economy growing 5.0% in 2024 \u2014 a 0.4 percentage points upgrade from its April forecast \u2014 and India growing 7.0% after a 0.2 percentage points upwards revision, <\/p>\n

Words of wisdom for EMs: <\/strong>\u201cIn emerging markets and developing economies, recent policy divergences highlight the need to manage the risks of currency and capital flow volatility. Given that economic fundamentals remain the main factor in USD appreciation, the appropriate response is to allow the exchange rate to adjust, while using monetary policy to keep inflation close to target,\u201d the report read. <\/p>\n

The inflation outlook: <\/strong>\u201cWe project global inflation will slow to 5.9% this year from 6.7% last year, broadly on track for a soft landing. But in some advanced economies, especially the United States, progress on disinflation has slowed, and risks are to the upside,\u201d IMF chief economist Pierre-Olivier Gourinchas said in a blogpost<\/a>. <\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are mixed in early trading this morning<\/strong>, with the ASX 200 up, the Nikkei and Hang Seng flat, and both the Kospi and Shanghai Composite in the red. Futures for major US and European equities benchmarks were largely unchanged overnight. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

27,829<\/p>\n<\/td>\n

\n

-0.4% (YTD: +11.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.97<\/p>\n<\/td>\n

\n

Sell 48.10<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.99<\/p>\n<\/td>\n

\n

Sell 48.09<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,080<\/p>\n<\/td>\n

\n

+1.1% (YTD: +0.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,156<\/p>\n<\/td>\n

\n

+0.1% (YTD: -4.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,110<\/p>\n<\/td>\n

\n

-0.1% (YTD: +1.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,667<\/p>\n<\/td>\n

\n

+0.6% (YTD: +18.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,165<\/p>\n<\/td>\n

\n

-0.2% (YTD: +5.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,948<\/p>\n<\/td>\n

\n

-0.7% (YTD: +9.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong> <\/p>\n<\/td>\n

\n

USD 83.73<\/p>\n<\/td>\n

\n

-1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 2.18<\/p>\n<\/td>\n

\n

-0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,473<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 64,700<\/p>\n<\/td>\n

\n

+1.4% (YTD: +53.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.4% at yesterday\u2019s close<\/strong> on turnover of EGP 3.3 bn (20.5% below the 90-day average). Local investors were net buyers. The index is up 11.8% YTD.<\/p>\n

In the green: <\/strong>Palm Hills Development (+4.4%), Alexandria Containers and Cargo Handling (+3.3%), and Orascom Development Egypt (+2.8%).<\/p>\n

In the red: <\/strong>Elsewedy Electric (-6.7%), Beltone Holding (-1.6%), and ADIB (-1.4%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The Fund maintained its 2024 global growth outlook at 3.2%<\/p>\n","protected":false},"author":1,"featured_media":633594,"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":[7210],"tags":[72,119,2403,272,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-633593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-global-economy","tag-imf","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"94fabcf8-e66b-4637-8295-84fd7516270e","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1325.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Everything you need to know about the IMF\u2019s latest World Economic Outlook update","related_issue":[633574],"teaser":"The Fund maintained its 2024 global growth outlook at 3.2%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.ae75cbbd-72e6-4f53-b05c-e0bcf43261ab.mp3"},"yoast_head":"\nEverything you need to know about the IMF\u2019s latest World Economic Outlook update - 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