{"id":635911,"date":"2017-12-17T04:03:19","date_gmt":"2017-12-17T04:03:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/17\/how-austerity-has-impacted-middle-class-spending\/"},"modified":"2017-12-17T04:03:19","modified_gmt":"2017-12-17T04:03:19","slug":"how-austerity-has-impacted-middle-class-spending","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/17\/how-austerity-has-impacted-middle-class-spending\/","title":{"rendered":"How \u201causterity\u201d has impacted middle class spending"},"content":{"rendered":"

The spending habits of the middle class have changed significantly as they try to cope with high inflation and a weaker currency,<\/strong> write Patrick Markey and Nadine Awadalla for Reuters<\/a>. Consumers are swapping new cars for cheaper models, cutting back on pricy supermarket shopping and giving up holidays abroad. This has been reflected in car sales figures, the weakness in some consumer stocks, and in outbound tourism. While both writers are framing the trend as a major hurdle for President Abdel Fattah El Sisi when he seeks reelection next year, they turned to our friend CIB Chairman Hisham Ezz Al Arab for some sensible analysis: \u201cFor the middle and upper class, it is a matter of time before income and productivity start to catch up to pre-reform levels,\u201d he had said in a previous interview with CNBC.<\/p>\n","protected":false},"excerpt":{"rendered":"

The spending habits of the middle class have changed significantly as they try to cope with high inflation and a weaker currency, write Patrick Markey and Nadine Awadalla for Reuters. Consumers are swapping new cars for cheaper models, cutting back on pricy supermarket shopping and giving up holidays abroad. This has been reflected in car […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7233],"tags":[2386,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-635911","post","type-post","status-publish","format-standard","hentry","category-egypt-in-the-news","tag-egypt-in-the-news","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"8933ad47-639d-48d5-b319-72ef523cc10f","order":"0","is_powered_by":true,"section_story_id":"0a0ddcd5-e476-41d0-bf0c-fee2d40e7407","story_type":"1","photo_url":"","photo_position":"above","related_issue":[635883],"teaser":"","voice_url":""},"yoast_head":"\nHow \u201causterity\u201d has impacted middle class spending - 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\/2017\/12\/17\/how-austerity-has-impacted-middle-class-spending\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How \u201causterity\u201d has impacted middle class spending\" \/>\n<meta property=\"og:description\" content=\"The spending habits of the middle class have changed significantly as they try to cope with high inflation and a weaker currency, write Patrick Markey and Nadine Awadalla for Reuters. 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Fueled by a growing middle class, the demographics of Central and Eastern Europe, Middle East and Africa (CEMEA) are set for new opportunities.Globally and regionally, economic outlooks signal a quicker slowdown in spending. 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He cites initiatives including the Contractors\u2019 Compensation Act and the central bank settling\u2026","rel":"","context":"In "On Deadline"","block_context":{"text":"On Deadline","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-deadline\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":638917,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/17\/banking-sector-is-a-successful-pillar-for-reform-in-egypt-ezz-al-arab\/","url_meta":{"origin":635911,"position":2},"title":"Banking sector is a successful pillar for reform in Egypt -Ezz Al-Arab","author":"enterpriseam admin","date":"17 October 2017","format":false,"excerpt":"Egypt\u2019s economic reforms were long overdue, our friend Hisham Ezz Al-Arab, Chairman of CIB and the Federation of Egyptian Banks, told The Banker\u2019s James King at the IMF meetings in Washington. \u201cIt was life or death to implement the reforms,\u201d Ezz Al-Arab says. \u201cWhat the government did by removing the\u2026","rel":"","context":"In "Worth watching"","block_context":{"text":"Worth watching","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-watching\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2017\/10\/517.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":637403,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/15\/businesses-need-to-help-middle-and-upper-income-staff-keep-pace-with-inflation\/","url_meta":{"origin":635911,"position":3},"title":"Businesses need to help middle- and upper-income staff keep pace with inflation","author":"enterpriseam admin","date":"15 November 2017","format":false,"excerpt":"Want to keep growing your business? One of the most important things business you can do is help your middle- and upper-income staff keep pace with inflation. And one of the most important things staff can do in return is deliver productivity gains. It\u2019s a thesis we would agree with\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\/2017\/11\/1673.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":631395,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/18\/egypt-must-expand-the-social-safety-net-to-support-the-middle-class-world-bank-group\/","url_meta":{"origin":635911,"position":4},"title":"Egypt must expand the social safety net to support the middle class -World Bank Group","author":"enterpriseam admin","date":"18 March 2018","format":false,"excerpt":"Egypt\u2019s next wave of reform needs to pay special attention to supporting the middle class, according to Merza Hasan, dean of the executive board and executive director of the World Bank Group (WBG). \u201cThere must be a social protection program for the middle class because it\u2019s that group that will\u2026","rel":"","context":"In "SPOTLIGHT: AMCHAM\u2019S 2018 DOORKNOCK IN WASHINGTON, DC"","block_context":{"text":"SPOTLIGHT: AMCHAM\u2019S 2018 DOORKNOCK IN WASHINGTON, DC","link":"https:\/\/enterpriseam.com\/egypt\/category\/spotlight-amchams-2018-doorknock-in-washington-dc\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604573,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/06\/egypt-and-other-arab-countries-middle-class-most-affected-by-austerity-measures\/","url_meta":{"origin":635911,"position":5},"title":"Egypt and other Arab countries\u2019 middle class most affected by austerity measures","author":"enterpriseam admin","date":"6 December 2018","format":false,"excerpt":"WSJ on our middle-class squeeze: \u201cIn Egypt and elsewhere in the Middle East, a wave of austerity is making it harder for many people to make ends meet,\u201d Jared Malsin and Amira El-Fekki say in the Wall Street Journal. 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