{"id":654028,"date":"2024-10-27T00:00:00","date_gmt":"2024-10-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/27\/fitch-trims-mena-growth-to-1-8-in-2024\/"},"modified":"2024-10-27T00:00:00","modified_gmt":"2024-10-27T00:00:00","slug":"fitch-trims-mena-growth-to-1-8-in-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/27\/fitch-trims-mena-growth-to-1-8-in-2024\/","title":{"rendered":"Fitch trims Mena growth to 1.8% in 2024"},"content":{"rendered":"

Fitch warned that the Middle East region is entering 2025 \u201con shaky <\/strong>ground,\u201d<\/strong> against the backdrop of the ongoing war, economic headwinds, and political uncertainty following the US elections, during a webinar earlier this week. The agency expects the region\u2019s economy to grow at c. 1.8% in 2024, down from the 2.3% it penciled in last August<\/a>, according to Fitch Solutions company BMI\u2019s latest outlook (pdf)<\/a>. <\/p>\n

(Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

A rebound is expected next year: <\/strong>The regional economy will pick up to over 3% by next year, according to its forecast.<\/p>\n

What about Egypt? <\/strong>BMI expects the IMF to extend the reforms timeline set under the USD 8 bn loan program with Egypt, especially seeing that Egypt has already slashed subsidies and hiked the prices of a number of commodities \u2014 including fuel. BMI also sees regional tensions continuing to hurt Suez Canal revenues, penciling in a high probability of a prolonged war with continued Houthi attacks on ships passing through the Red Sea. <\/p>\n

UAE to lead the region:<\/strong> BMI anticipates the Emirates\u2019 economy to grow at the fastest pace in 2025, anticipated to accelerate to 5.2% in 2025, fueled by increased oil production and the government\u2019s diversification efforts. <\/p>\n

BMI also sees strong growth for Saudi Arabia<\/strong>, forecasting the Kingdom\u2019s economy to make a dramatic rebound from approximately 0.3% in 2024 to around 4.7% in 2025.<\/p>\n

Downside risks remain: <\/strong>Potential risks that could hamper growth include Opec\u2019s production cuts failing to lift oil prices, which could hinder diversification efforts in the region, Fitch analysts noted during the webinar.<\/p>\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

30,553<\/p>\n<\/td>\n

\n

+0.5% (YTD: +22.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 48.73<\/p>\n<\/td>\n

\n

Sell 48.86<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 48.73<\/p>\n<\/td>\n

\n

Sell 48.83<\/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

11,886<\/p>\n<\/td>\n

\n

-0.1% (YTD: -0.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,204<\/p>\n<\/td>\n

\n

+0.1% (YTD: +3.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,479<\/p>\n<\/td>\n

\n

+0.3% (YTD: +10.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,808<\/p>\n<\/td>\n

\n

0.0% (YTD: +21.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,249<\/p>\n<\/td>\n

\n

-0.3% (YTD: +6.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,943<\/p>\n<\/td>\n

\n

+0.2% (YTD: +9.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 76.05<\/p>\n<\/td>\n

\n

+2.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.56<\/p>\n<\/td>\n

\n

+1.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,755<\/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 67,096<\/p>\n<\/td>\n

\n

-0.3% (YTD: +58.7%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 0.5% at Thursday\u2019s close<\/strong> on turnover of EGP 4.2 bn (0.9% above the 90-day average). Regional investors were the sole net buyers. The index is up 22.7% YTD.<\/p>\n

In the green: <\/strong>B Investments (+2.8%), Telecom Egypt (+1.8%), and Madinet Masr (+1.7%).<\/p>\n

In the red: <\/strong>Oriental Weavers (-3.3%), GB Corp (-1.8%), and Fawry (-1.1%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The agency warns that the region is entering 2025 \u201con shaky ground\u201d<\/p>\n","protected":false},"author":1,"featured_media":654029,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[104,72,8565,348,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-654028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-economy","tag-enterpriseam","tag-fitch","tag-gdp","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"8ea6ecf5-1c39-4549-87fd-f1f4b971ee60","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/839.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fitch trims Mena growth to 1.8% in 2024","related_issue":[654007],"teaser":"The agency warns that the region is entering 2025 \u201con shaky ground\u201d","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.445b14cc-e640-4f58-8c3f-3eb0837a33c1.mp3"},"yoast_head":"\nFitch trims Mena growth to 1.8% in 2024 - 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The report points to less accommodative global liquidity and monetary conditions as being key risk factors for Egypt, despite\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\/2021\/12\/363.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576060,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/09\/egyptian-economy-to-grow-4-on-average-each-year-until-2024-fitch\/","url_meta":{"origin":654028,"position":1},"title":"Egyptian economy to grow 4% on average each year until 2024 -Fitch","author":"enterpriseam admin","date":"9 November 2020","format":false,"excerpt":"Egypt is on track to grow at an average 4% clip over each of the coming four years, which would give it the MENA region\u2019s highest real GDP growth rate between 2020 and 2024, according to Fitch Solutions\u2019 monthly MENA outlook picked up by Ahram Online. The research firm echoed\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\/11\/87.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595516,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/29\/fitch-affirms-credit-ratings-of-credit-agricole-national-bank-of-egypt\/","url_meta":{"origin":654028,"position":2},"title":"Fitch affirms credit ratings of Credit Agricole, National Bank of Egypt","author":"enterpriseam admin","date":"29 September 2019","format":false,"excerpt":"Fitch Ratings has affirmed the long-term issuer default rating for Credit Agricole Egypt (CAE) at 'AA+\u2019 with a \u2018stable outlook,\u2019 the agency said in a press release. The agency has also affirmed its rating for the National Bank of Egypt (NBE) at 'B+' with a stable outlook. \u201cThe ratings of\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574688,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/17\/fitch-affirms-nbe-credit-rating-at-b-with-a-stable-outlook\/","url_meta":{"origin":654028,"position":3},"title":"Fitch affirms NBE credit rating at B+ with a stable outlook","author":"enterpriseam admin","date":"17 September 2020","format":false,"excerpt":"Fitch Ratings has affirmed the long-term issuer default Rating for the National Bank of Egypt at 'B+' with a stable outlook, it said on Wednesday. The ratings agency also removed it from its rating watch negative list, reflecting its view of diminishing near-term risks to its credit profile, especially its\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546046,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/sp-fitch-ratings-affirm-credit-rating-at-bb-b-say-outlook-stable-despite-russia-ukraine-war\/","url_meta":{"origin":654028,"position":4},"title":"S&P, Fitch ratings affirm credit rating at BB, B+, say outlook stable despite Russia-Ukraine war","author":"enterpriseam admin","date":"26 April 2022","format":false,"excerpt":"S&P and Fitch Ratings have both affirmed Egypt\u2019s BB and B+ credit ratings with a stable outlook, despite surging food and energy prices caused by the war in Ukraine putting pressure on the country\u2019s finances, the two ratings agencies said last week (here and here). The agencies attributed their affirmed\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\/2022\/4\/351.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586113,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/fitch-ratings-downgrades-our-credit-rating-for-the-first-time-since-2013\/","url_meta":{"origin":654028,"position":5},"title":"Fitch Ratings downgrades our credit rating for the first time since 2013","author":"enterpriseam admin","date":"7 May 2023","format":false,"excerpt":"Medium-term debt sustainability at risk","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\/5\/273.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\/654028","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=654028"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/654028\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/654007"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/654029"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=654028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=654028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=654028"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=654028"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=654028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}