Growth forecasts for all regions have been severely downgraded. WHO, Greta or press watchdogs for Nobel Peace Prize? Thus, there is a broad-based aggregate demand shock, compounding near-term supply disruptions due to lockdowns,” the IMF mentioned. The 2016 currency depreciation triggered a sharp increase in the cost of living. It also projected a global recovery in 2021 if countries are able to fight the virus quickly, noting that investors had already removed US$83billion from emerging markets since the beginning of the crisis, the largest capital outflow ever recorded. This page has economic forecasts for Egypt including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Egypt economy. Private investment, concentrated in real estate and energy, still does not exceed 9% of GDP. The improving business environment should boost domestic investment and further attract foreign direct investment. Egyptian Finance Minister Amr el-Garhy (R) and International Monetary Fund delegation chief Chris Jarvis attend a joint press conference in Cairo on Aug. 11. “We stand ready to deploy all our US$1 trillion lending capacity. The economic impact is and will be severe, but the faster the virus stops, the quicker and stronger the recovery will be. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); https://dailynewsegypt.com/2020/06/24/imf-forecasts-4-9-contraction-in-2020-global-economy-due-to-covid-19/, IMF forecasts 4.9% contraction in 2020 global economy due to COVID-19, on IMF forecasts 4.9% contraction in 2020 global economy due to COVID-19, The IMF forecasts the growth of US which is the, We aim to boost Egyptian cotton products in global markets: Public Enterprises Minister, Strong start for ‘participatory budgeting’ aimed at improving services: Finance Ministry, ACT announces opening of new EGP 130m Smart Village headquarters, Al-Arabi Group invest EGP 300m in development, production plants since 2017: Al-Arabi, National Postal Authority appoints new head of investment sector, money management, FX foreign currencies reserves up by $221m in September: CBE, US’s Libya Ambassador Norland heads to Turkey for talks on resolving Libya crisis, Prominent US poet Louise Glück wins 2020 Nobel Prize in Literature, ‘Our Heritage’ handicrafts exhibition to launch on Saturday, Egypt’s real GDP to reach 6.4% in FY 2021/22: IMF, Younger employees most affected by pandemic-caused income declines, job losses, IMF approves immediate disbursement of $2bn under Egypt’s $5.2bn SBA loan, Egypt reports 1,420 new COVID-19 cases, 85 fatalities, New IMF loan slows down US dollar appreciation against Egyptian pound, Recent devaluation of Egyptian pound against US dollar normal, temporary: banking pundit, Egypt’s headline inflation will decline to 4.9% in May: JP Morgan Securities, IMF support for sectors most affected by COVID-19: Finance Ministry, Operation Lotfi in 1973 War showed real strength of Egyptian soldier: Al-Manduh, Opinion| Key Changes to Egypt’s Customs Law, DNE Buzz takes us on a journey to Aswan’s Aga Khan Mausoleum, Journalism community comes under spotlight as sexual assault allegations emerge, Egypt’s new data protection law and what it means for business, Opinion| Sinai’s sacred geography gets Biblical treatment. The deal is an important part of a much broader program in Egypt, worth some $21 billion, aimed at improving the country's fiscal situation. This page has economic forecasts for Egypt including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Egypt economy. The 2020 fiscal budget assumes an optimistic yet attainable 6% growth rate. Technical Feedback: whatsapp 08023469027 The government is advancing Egypt’s integration with the rest of Africa, which should boost exports. The agricultural and manufacturing sectors, accounting for around 13% and 15% of GDP, remained flat. To empower members to confidently understand and navigate a continuously changing and complex global environment. The IMF Managing Director Kristalina Georgieva disclosed this yesterday following a conference call of G20 Finance Ministers and Central Bank Governors. As a result, monetary policy is becoming less restrictive. Several low- and middle-income countries have asked the IMF to make an SDR (Special Drawing Rights) allocation, as we did during the Global Financial Crisis, and we are exploring this option with our membership.”. Although net exports became the largest contributor to GDP growth in 2019, nonoil exports remain modest, showing the weak passthrough of currency depreciation. Is Vision 2050 a case of the blind leading the rest of us? The IMF explained that the … With growth becoming increasingly inclusive, unemployment declining, pensions improving, and civil servant wages increasing, consumer spending should pick up. Firms have also cut back on investment when faced with precipitous demand declines, supply interruptions, and uncertain future earnings prospects. A Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc. A broad-based consolidation plan introduced a new value-added tax and a gradual reduction in energy subsidies, putting the fiscal deficit on a downward trend from 12.5% of GDP in fiscal 2016 to 8.7% in fiscal 2019. Many countries have avoided more adverse outcomes through sizable fiscal and monetary policy support. Sign in. Egypt is now a gas exporter, following the discovery of the Zohr field. READ our Privacy-policy and cookie policy. IMF cuts forecast for Egypt’s 2020 GDP growth to 2% due to coronavirus, Egypt’s gold reserves slightly fall to $4.361 bln in September – c.bank, Egypt’s net foreign reserves rise to $38.425 bln at end-September – c.bank. For optimum experience we recommend to update your browser to the latest version. While unemployment has been trending down, it is still high among youth (26%) and women (38%).

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