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Beltone Financial issued its annual report covering the Egyptian economy, titled “the Great Recovery.” The report gave an overview of its forecasts for growth rates, budget deficit, performance of economic sectors, government plans to cut subsidy, flotation impact on the Egyptian Stock Exchange (EGX), and the expected exchange rate over the coming years. Beltone amended …
Large projects and the improved climate for investment will increase economic growth, exports, and foreign trade growth, says Minister of Planning
The US economy slowed sharply at the end of 2016 as a plunge in shipments of soybeans weighed on exports. But steady consumer spending and rising business investment suggest the economy will continue to expand.
Minister of Planning Ashraf El-Araby said that the government aims to reduce government investment as a share of the gross domestic product (GDP) within its plan to control government spending and tackle the budget deficit. The government’s investment allocations amounts to EGP 150bn (equivalent to 4.4% of GDP) in the budget of the current fiscal year (FY), compared …
Egypt’s economy will grow by 4% during this FY, says Planning Minister
In 2016, China recorded its slowest rate of growth in more than a quarter of a century, as the world’s second largest economy struggles to restructure amid explosive growth in debt and fears of protectionism.
In its report “Global Economic Prospects”, the World Bank stated that among oil-importing economies, growth in Egypt has slightly declined to 4.3 % in fiscal year (FY) 2016. This comes as a result of foreign currency shortages which feed manufacturing and a decline in tourism after the crash of a Russian aeroplane in the Sinai …
Minister of Finance Amr El-Garhy had said on Sunday that the ministry has set three goals for the country’s budget in the fiscal year (FY) 2017/2018. According to him, the ministry plans to focus on sustainable development, by raising the GDP by 5%, reducing unemployment to 11%, and cutting the national debt to 94% of …
We target to increase private investment from EGP 43bn to nearly EGP 100bn by 2020, says minister
The government targets reaching 6% growth in GDP next year, increasing investments by 19%, says minister
Britain’s vote to leave the European Union will have a negative impact on gross domestic product in Germany, a survey by an economic think tank has predicted.
Egypt’s negotiations for loans from the International Monetary Fund, World Bank, and the African Development Bank would increase the country’s external debt to approximately $70bn. Yet, the government views the loans as a way for reforming poor economic conditions that have plagued the country since 2011, and a tool to attract foreign investment. Essentially, …
Egyptian pound expected to reach 11.30 to $1 by the end of FY 2016/2017, says FocusEconomics
The devaluation of the Egyptian pound in March put upwards pressure on the already high inflation rate
The government successfully controls the subsidies and salaries bills, but fails to handle the interest on government debt
Small- and medium-sized enterprises (SME) may be the best solution for Egypt’s poor economic state. SMEs have the ability to provide a large number of jobs to subdue unemployment and produce important products. In May, the executive manager of the Egyptian Banking Institute (EBI) Mona El-Baradei said that the number of SMEs in Egypt constitutes …
EGP 13.8bn total investments in the sector over three months
Forward exchange rate is expected to register 11.20 in Q4 2016, says Bank of America
While losing some of its previous momentum, the German economy is still in a robust state, logging higher-than-expected growth in the second quarter. Exports and private consumption were behind the expansion.
US dollar exchange rate expected to increase to EGP 10.19 by the end of 2017 and EGP 13.10 by the end of 2020, says FocusEconomics
SEMAF delivered 11 air conditioned stainless steel metro carriages for the ERA
Europe’s financial ministers have agreed to move towards unprecedented sanctions against Spain and Portugal for overshooting EU deficit limits. Both countries then immediately set out to convince the EU to reconsider.
The International Monetary Fund (IMF) has called on Italy to launch urgently needed economic reforms to accelerated anemic growth and head off a looming crisis in its financial industry.
Egypt’s informal economy has grown as a result of dysfunctions in the formal economy, which lacks dynamism, flexibility, and resilience
$50bn worth of tax conflicts will be resolved through the new tax reconciliation law
The German government has said Europe’s powerhouse will not move away from its budgetary policy of zero fresh borrowing, Brexit or not. It’s Berlin’s way of sending a “signal of continuity,” but not everyone is amused.
Investors are facing challenges and we are working to fix them, says investment minister
The agency rating evaluates Egypt’s high fiscal deficit, low foreign reserve coverage, and recent volatile political history, with low external debt being levelled against gradual progress in implementing an economic and fiscal reform programme
The GDP is expected to be $311bn in FY 2015/2016 and to reach $327bn in FY 2016/2017, says the report
GDP to grow 3.9% in FY 2016/2017, says report