Macro Snapshot — Egypt GDP topped 5% in Q1; countries hike interest rates to stabilize economies

Macro Snapshot — Egypt GDP topped 5% in Q1; countries hike interest rates to stabilize economies

RIYADH: Egypt’s economy grew more than 5 percent in the first quarter of 2022, CNBC Arabia reported on Monday, citing Planning Minister Hala Al-Saeed. She also said the economy would grow around 6 percent in the 2021-22 fiscal year, which ends in June. On the other hand, many countries are taking steps to stabilize their respective economies by hiking interest rates. Ghana’s central bank on Monday raised its main interest rate by 200 basis points to 19 percent to curb inflationary pressures and promote macroeconomic stability, Gov. Ernest Addison said. In March, the Bank of Ghana raised its policy rate by 250 basis points to 17 percent — the largest hike in its history — to stem runaway inflation in one of West Africa’s more prosperous nations as the government cut spending to reduce the budget deficit and save a sliding local currency. But in April the consumer inflation rate in the gold, oil and cocoa producer hit an 18-year high of 23.6 percent. The State Bank of Pakistan raised its benchmark interest rate on Monday by 150 basis points to 13.75 percent, the second hike in less than two months, as the South Asian nation grapples with a sinking