Latest in Economy Highlight
Latest in Economy
Three countries, including Egypt, to drive MECA’s growth in 2020, says WEO report
Arab economies likely to grow by 2.5% in 2019, 3% in 2020, says AEO report
First portion of EGP 1bn financial package for Sovereignty Fund already transferred
Egypt embarked on a bold economic reform programme that included the pound flotation, a reduction in fuel and electricity subsidies, imposing taxes including the value-added tax (VAT), all with the aim of trimming the budget deficit.
Deepening and broadening of Egypt’s effective reforms is critical to underpin the positive outlook for growth and unemployment of the country, David Lipton, the International Monetary Fund (IMF) Acting Managing Director
The IMF’s board approval of fifth review will allow Egypt to receive the last $2bn tranche of its loan.
In Egypt, economic challenges since 2016 forced the people to adapt to price hikes. From an economic standpoint, the rising prices drive customer demand lower. To cope, Egyptians are struggling to cut their expenses and find alternatives to pricey commodities and services.
Bank foresees inflation averaging 11.1% in FY 2019/20, further interest rate cuts by CBE
Washington, DC- Foreign exchange flows received by the Central Bank of Egypt (CBE) since the flotation of the Egyptian pound since 3 November 2016 exceeded EGP 150bn, Governor of the CBE Tarek Amer said on Friday. Amer added in an exclusive statement to Daily News Egypt on the sidelines of the International Monetary Fund’s (IMF) …
Global growth softened to 3.6% in 2018, predicted to decline further to 3.3% in 2019, says Gopinath
Firm forecasts EGP 17.6 per USD in FY 2018/19, EGP 17.1 per USD in FY 2019/20
Minimum wage adjustments in private sector to follow, increase likely to support private consumption, erode competitiveness
New draft budget sets price of Brent crude at $70 per barrel, up from $67 per barrel in current FY
Judges will now be able to work efficiently from their home offices
IMF’s credit reduced government debt from 103% of GDP in FY 2016/17 to 93% in FY 2017/18
Attracting more FDIs, boosting exports, main recommendations, say experts
Prime Minister, Minister of Investment sign agreement with global asset management company to attract large investments
Seven of world’s biggest economies by 2030 will likely be current emerging markets
WB expects global economic growth to slow to 2.9% in 2019
Weak FDI, reliance on hot money, inflation still challenging
It is estimated that by 2030, one in five people will be African. Given the continent’s population size, Africa’s labour force has the potential to prompt the global growth for decades. However, in order to do that, Africans must implement the necessary reforms today. As its population matures, governments, institutions, and organisations need to help …
Measures include determining fuel pricing mechanism, say sources
Fund expects Egypt`s inflation to drop to 13.5% next year, down from 18% recorded this year
Bilateral trade between China, Egypt stands at $2bn in 2018, says transport minister
The Central Agency for Public Mobilisation and Statistics (CAPMAS) stated on Thursday that Egypt’s annual inflation rate dropped to 13.6% year-over-year down from 33.2% in August, 2017. The consumer price index increased by 1.7% month-over-month, recording 294.9 points last month, according to the CAPMAS. Notably, inflation dropped in July compared to June, registering at 13.8%, affected by decisions …
The senior director and head of Middle East and Africa Sovereigns at Fitch, Jan Friederich, spoke about viewing improvements in the country’s economy following an inflationary spike. Daily News Egypt sat down for an interview with Friederich, and Primary Analyst Jermaine Leonard at Fitch. The transcript for which is below, lightly edited for clarity: How …
The Kitchener drain project with a fund of €214m is expected to be signed by the end of 2018 with increasing finance to the private sector with a fund of €375m, the European Investment Bank (EIB) Vice President Dario Scannapieco told Daily News Egypt.
CBE to leave rates on hold till further evidence of falling inflation
Firms need to improve productivity depending on global technology, says economist
Egypt to reduce public debt to 92% by end of FY 2018/2019, says Moeit