{"id":657349,"date":"2024-12-18T00:00:00","date_gmt":"2024-12-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/18\/fitchs-bmi-pushes-up-next-fiscal-years-year-growth-forecast-pushes-down-current-fiscal-year-projections\/"},"modified":"2024-12-18T00:00:00","modified_gmt":"2024-12-18T00:00:00","slug":"fitchs-bmi-pushes-up-next-fiscal-years-year-growth-forecast-pushes-down-current-fiscal-year-projections","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/18\/fitchs-bmi-pushes-up-next-fiscal-years-year-growth-forecast-pushes-down-current-fiscal-year-projections\/","title":{"rendered":"Fitch\u2019s BMI pushes up next fiscal year\u2019s year growth forecast, pushes down current fiscal year projections"},"content":{"rendered":"

Good afternoon, friends, and happy almost-Friday.<\/strong><\/p>\n

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THE BIG STORY TODAY<\/p>\n

Fitch revises up our growth outlook for the next fiscal year: <\/strong>Fitch Solutions\u2019 research unit BMI now sees growth accelerating to 5.1% in FY 2025-2026, up 0.4 percent points from their previous 4.7% projection, in its latest<\/a> country risk report for Egypt. The decision was supported by an expected improvement in Red Sea navigation, an uptick in the services sector on the back of calming geopolitical risks, and lower borrowing costs pushing up investment.<\/p>\n

But it\u2019s a forecast for the current fiscal year is not as rosy: <\/strong>The Fitch research unit trimmed its projection of Egypt\u2019s economic growth by 0.5 percentage points for FY 2024-2025, and now sees the national economy growing at a 3.7% clip during the fiscal year, down from the 4.2%<\/a> forecast in September. BMI attributed the cut to weaker performance in the last quarter of the fiscal year alongside the ongoing disruptions in the Red Sea that are cutting down on Suez Canal receipts.<\/p>\n

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THE BIG STORY ABROAD<\/p>\n

Foxconn stalks potential Nissan-Honda merger: <\/strong>The potential merger between Japanese carmakers Nissan and Honda continues to dominate headlines, as Taiwan-based Foxconn has reportedly approached Nissan for a controlling stake. Foxconn has been making waves in the EV market, which is itself a key topic in the Nissan-Honda merger talks. So far, no official agreements have been inked. (Financial Times<\/a> | Wall Street Journal<\/a> | Bloomberg<\/a>)<\/p>\n

Russia arrests Moscow bombing suspect: <\/strong>The Russian authorities have detained a man suspected of killing senior Russian general Igor Kirillov in yesterday\u2019s Moscow bombing. The unnamed detainee, a citizen of Uzbekistan, confessed to the attack as well as being recruited by Ukrainian intelligence, the Russian prosecution\u2019s office said. Ukraine had previously accused Kirillov of using chemical weapons in the Russia-Ukraine war, but has not officially claimed responsibility for the attack. (New York Times<\/a> | AP<\/a> | The Guardian<\/a>)<\/p>\n

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