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The downturn has been attributed to the novel coronavirus (COVID-19) pandemic and lower oil prices, despite the government’s strong commitment to fiscal consolidation.
Ongoing construction of 20 new cities across Egypt, in addition to development of 23 existing ones, present attractive investment opportunities
Country’s mid-range manufacturing sector remains underdeveloped, with electrical/mechanical machinery, vehicles accounting for less than a tenth of exports
Fitch expected the US economy to contract by 5.6% in 2020 and recover by 4% in 2021, with the massive fiscal policy response averting a deeper downturn
Construction growth eases slowdown in automotive sector, bus sales affected by tourism hiatus
Macroeconomic, political stability support Egypt’s positive growth 2017 to current health crisis
Oil prices to reach $41 a barrel in 2020, $48 next year, says report
Real GDP growth to remain robust at 5.5%, budget deficit to narrow at 7.6% of GDP in FY20
The ratings of CAE reflect potential support from its ultimate shareholder, France’s Credit Agricole (CA), the press statement indicates.
Future interest rate cuts to ease government’s debt service burden, say economic experts
Budget deficit will narrow to 6.9% of GDP in FY2019/20, government debt remains high
Agency forecasts average inflation of 12%, 10% in 2019, 2020 respectively, GDP growth at 5.5% in FY 19, FY 20
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 …
Public finances remain Achilles heel of Egypt’s credit profile, yet Fitch estimates debt/GDP to drop to 88% in FY 2019
The rating agency expects Egypt’s economy to grow 4.5% in 2018
Egypt’s new budget and lower electricity and fuel subsidies demonstrate a continued commitment to fiscal consolidation and economic reform, backed by the country’s IMF loan programme, Fitch Ratings said in a recent note. “Narrowing the fiscal deficit supports Egypt’s sovereign credit profile, but significantly reducing the public debt ratio is a multi-year task,” the note …
A larger inflow from foreign investors is expected with their confidence restored in the Egyptian economy
“The rising levels of foreign exchange (FX) reserves, a return of private capital inflows, and appreciation of currency, marks the progress in Egypt’s gradual external rebalancing in early 2017. Further fiscal consolidation in addition to external rebalancing would lay the groundwork for a broader-based improvement in sovereign credit metrics in 2018,” said Fitch Ratings in …
Egypt’s current economic troubles and reform efforts have been the main topic of discussion in a slew of articles recently, many of which pin the blame on the country’s ruling regime, such as Bloomberg’s “Egypt’s Failing Economy is Sisi’s Fault”. The government, however, is not only battling against the challenges of the present, but also …
The international ratings agency has lowered Japan’s credit rating outlook amid worries over the country’s huge mountain of debt Tokyo will find increasingly difficult to reduce after delaying a planned sales tax hike.
Egypt could reach an IMF agreement if required by authorities, Fitch says
Mega projects were a catalyst for some private sector investments and helped lift business confidence in Egypt, says Fitch Senior Director
Introduction of VAT has been delayed, according to agency
Fitch raises Egypt’s rating to B, S&P’s upgrades outlook to positive, Moody’s promotes rating to B3
Decision will likely lead to matching Fitch’s assumptions on the deficit of reaching 11.1% of GDP by end of this FY instead of the 10.8% targeted by government
Budget deficit expected to decrease to 11.6% of GDP in FY15, in comparison to the 17.5% of GDP recorded in FY14, Fitch noted
Agency raised Egypt’s economic outlook from stable to positive, affirming long- and short-term foreign and local currency sovereign credit ratings at ‘B-/B’
In response to Daily News Egypt’s questions, Gamble said the Gulf state’s support to Egypt’s economy will be in the form of FDI, rather than direct payments.
Since the 25 January Revolution, Egypt’s economic outlook was downgraded several times by international credit rating agencies. The downgrades came about due to violence and political instability, which took a massive toll on investments and foreign reserves. In the wake of calls for protests on 30 June, Egypt’s economy saw a credit ratings cut on 21 …
Fitch In January, Fitch Rating Agency restored Egypt’s outlook to stable for the first time since it was downgraded to negative nearly three years ago. This reflects an improvement in an economy hammered by years of violence and political instability that had a massive toll on foreign reserves and many industries. The ratings firm, however, …