Egypt Economic Growth Seen Quicker than Government Forecast
- Date: 26-Jan-2023
- Source: Asharq AL-awsat
- Sector:Financial Services
- Who else needs to know?
Egypt Economic Growth Seen Quicker than Government Forecast
Egypt's economy will grow 4.8 percent in the current fiscal year, faster than predicted by the government, but will not meet government targets over the medium term, a Reuters poll showed on Wednesday.
The predictions follow the approval last month of a $3 billion financial rescue package from the International Monetary Fund, sought after the war in Ukraine hit tourism, raised commodity prices, and prompted foreign investors to pull about $20 billion out of Egypt's financial markets.
Median forecasts in the Jan. 9-24 Reuters poll of 18 economists for the fiscal year ending on June 30 were above the 4.0 percent growth the government predicted in a Nov. 30 letter of intent to the IMF.
However, for the subsequent three years, the poll predicted growth of 4.5 percent, 5.3 percent, and 5.4 percent, less than the government's medium-term outlook.
"Over the medium term, as immediate pressures abate and with the implementation of our structural reform agenda, growth is projected to increase to between 5.5 percent and 6 percent," the government said.
Callee Davis of Oxford Economics Africa doubted Egypt would reach that, as it was unlikely to raise as many funds as projected over the next four years through its privatization drive.
This would result in
Subsidized #bread in #Egypt has long been central to Egyptians' economic and political grievances and an important indicator of the government's relationship with citizens. https://arabcenterdc.org/resource/egypt-has-broken-its-social-contract-with-its-citizens/
Egypt's economic crisis compels people to make hard spending choices, and challenges the government to accept more foreign aid to support a rapidly growing population.
Egypt faces a deepening economic crisis. Is the government taking steps to fix it? https://www.npr.org/2023/03/28/1166422786/egypt-the-middle-easts-biggest-country-is-facing-a-deepening-economic-crisis?utm_campaign=storyshare&utm_source=twitter.com&utm_medium=social
#Egypt faces a deepening economic crisis. Is the government taking steps to fix it?
Egyptian government trying to support pensioners and government workers by a “social protection bundle” of 150 billion LE (1$=30LE), tough economic times in Egypt, hope it passes
#وزير_المالية: حزمة الحماية الاجتماعية لتحسين أجور العاملين بالدولة وأصحاب المعاشات تبلغ تكلفتها السنوية 150 مليار جنيه
Subsidized #bread in #Egypt has long been central to Egyptians' economic and political grievances and an important indicator of the government's relationship with its citizens. https://arabcenterdc.org/resource/egypt-has-broken-its-social-contract-with-its-citizens/
The Egyptian government has suspended plans of selling a stake in state-controlled Telecom Egypt due to harsh economic conditions and volatility in the market.
Egypt was seeking to sell up to 10% stake.
#TelecomEgypt stake sale reportedly blocked by the government over market volatility and unfavourable economic conditions https://www.mobileworldlive.com/featured-content/top-three/state-puts-brakes-on-telecom-egypt-stake-sale/
Telecom Egypt, a government-owned telecom company, has suspended the recent decision to sell 10 percent of its stake.
The news reports show that the suspension came amid the economic instability in the Egyptian market and worldwide.
The telecom compa… https://waya.media/egypt-suspends-sale-of-telecom-egypt-stake-sources/
Egypt targets 5% economic growth in the next fiscal year budget
The report also stated that Egypt indicated that the government indebtedness rate is targeted to decline to less than 80% of GDP by the end of 2027.
#Egypt : Egypt's #Economic situation is so dire that the government is asking people to eat #chicken #feet.
Amidst a proposed privitization plan from the Egyptian government, the generals are reluctant to give up shares in the companies they control. https://www.lemonde.fr/en/le-monde-africa/article/2023/03/16/egypt-s-military-economic-empire-under-threat_6019536_124.html
Building stronger connections between Denver & Africa, including Ethiopia, is a critical part my administration's work to expand our global reach. It's good to see @SecBlinken taking same approach @ the fed lvl to establish & strengthen these relationships https://denvergov.org/Government/Agencies-Departments-Offices/Agencies-Departments-Offices-Directory/Mayors-Office/News/2023/Mayor-Hancock-to-Lead-Air-Service-and-Economic-Development-Mission-to-Ethiopia-and-Egypt
Traveling to Ethiopia and Niger to discuss shared global and regional priorities. African nations are critical partners in food security, the climate crisis, global health, human rights, and peace. They deserve greater representation in global institutions.
Investors need to be convinced of the government’s full commitment to the gradual withdrawal of the state from the economy, writes the country’s former deputy prime minister.
The government of Kenya has a daunting task of lowering the prices of food and fuel. Failure to resolve this economic crisis on time might lead to a revolution just like it happenned in Sri Lanka and Egypt.
Egypt has been undergoing an economic crisis that forced the government to look for new sources of foreign currency https://www.newarab.com/news/egypt-list-two-army-affiliated-companies-investors
"In Budget Talks, Biden Rejects Hard Choices of the Past" by BY JIM TANKERSLEY via NYT New York Times Federal Budget (US), United States Politics and Government, United States Economy, National Debt (US), Economic Conditions and Trends, Corporate Taxes
"As Economy Falters, China’s New Premier Tries to Boost Business Confidence" by BY KEITH BRADSHER AND CHRIS BUCKLEY via NYT New York Times Economic Conditions and Trends, Politics and Government, International Relations
The @abcc_mea delegation discussed with the Egyptian government its plans to establish a logistics area for grains in the Suez Canal Economic Zone.
#logistics #SuezCanal #Brazil #Egypt
পাকিস্তানের থেকেও খারাপ অবস্থা এই মুসলিম দেশের! নাগরিকত্ব বিক্রি করে দেশোদ্ধারের চেষ্টা সরকারের #News #Bangla #Bengali #WestBengal https://banglahunt.com/egypt-government-tries-out-new-formula-to-tackle-economic-crisis-ss/?UTM=BHT
“Inflation in #Egypt again hit a new high for this year in February, the government said Thursday, with #prices rising most steeply for #food. The country is in the midst of an #economic_crisis and a #currency depreciation.” https://apnews.com/article/ed43b284bb6939582f70203ec366490d
Inflation in #Egypt again hits a new high for this year in February, the government says, with prices rising most steeply for food. The country is in the midst of an economic crisis and a currency depreciation.
CAIRO (AP) — Inflation in Egypt again hit a new high in February (+32.9%), the government said Thursday, with prices rising most steeply for food (+61.5%). The country is in the midst of an economic crisis and a currency depreciation.
"It should search for better ideas to bring in the required dollars"
Though Egypt has eased citizenship terms for foreigners, Talaat Khalil from the Conservative Party has accused the government of lacking creativity in solving Egypt's economic crisis
The Egyptian government is set to allow foreigners to acquire citizenship provided they buy a real estate property valued at US$300,000, or make a deposit of US$500,000 in an Egyptian bank.
Will this improve Egypt's economic crisis?