Knee injury rules Messi out of PSG-Metz game midweek    COVID-19 vaccine works in kids ages 5 to 11: Pfizer    Egypt to host African Development Bank 2023 annual meetings    Field Marshal Tantawy 'led Egypt wisely in the most difficult circumstances and played a key role in protecting the country': Sisi    Greece: Firefighters contain wildfire at resort near Athens    President Sisi witnesses inauguration of several national projects in Sinai    LIVE: Ahly v Talae El-Geish (Egyptian Super Cup)    Egyptian Armed Forces mourns Field Marshal Mohamed Hussein Tantawy    Field Marshal Tantawy was 'a military leader of a unique calibre': Al-Azhar    Sudanese officials say coup attempt failed, army in control    It's a shame: Barcelona's Araujo after Granada draw    Egypt mourns death of former Defence Minister Mohamed Hussein Tantawy    Biden easing foreign travel restrictions, requiring vaccines    Egypt's stocks close lower on Monday as benchmark EGX 30 slid 1.64%    Volvo EMEA, VOLVO Egypt teams at Ezz Elarab Automotive Group celebrate leap in sales this year    Egypt's CIB bank mandated to Net-Zero Banking Alliance Steering Group    Communications ministry allocates EGP 1.1bln for digital capacity building    UAE-based Alameda to invest around $318 mln in Egypt in five years    Egypt to be removed from England's red travel list on September 22    Egyptian archaeologists unearth collection of religious ritual tools at Temple of Pharaohs north of Cairo    Tunisia 'astonished' by Ethiopia's reaction on UNSC statement on GERD dispute    The Egyptian Mawlawiya troupe's concert at Al-Gumhouriya Theatre is a must go    Borhane Alaouié (1941-2021): The auteur's shadow    Jordan hosts energy meeting today to discuss transporting Egyptian gas to Lebanon    Russia permits airlines to resume flights from 49 cities to Egypt    Egypt's Abu Soma Development partners with KOMPASS Education    Sisi: coronavirus vaccines in Africa 'far less' than actual needs    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    US emphasises AU's role in mediating Ethiopian damdispute    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    Egypt denounces Ethiopia's move to start second filling of giant dam    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Egypt's Ahly is establishing a new stadium, expected to be 'sports complex'    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Egypt's economy seen growing in FY2021/22 as rebound continues – Reuters poll
Published in Amwal Al Ghad on 27 - 07 - 2021

Egypt's economy is expected to grow 5.0 percent in the financial year 2021-2022 that ends in June next year, a Reuters survey showed on Monday.
This figure is unchanged from analysts' expectations in a similar poll three months ago and slightly below the government's target of 5.4 percent.
Gross domestic product (GDP) of the Arab world's most populous country was seen growing 5.5% in the fiscal year ending on June 30, 2023, the July 5-26 poll predicted.
The government has said it expected the economy to grow 2.8 percent in the 2020/2021 financial year despite the huge disruption across the global economy, retaining its position as one of the few emerging markets to achieve GDP growth despite the COVID-19 pandemic.
The pandemic caused tourism to decline in March 2020 and other parts of the economy to slow, as Egypt maintained a large trade deficit, which surged 9 percent to $30.6 billion in July 2020-March 2021 compared to the year prior.
Allen Sandeep of Naeem Brokerage told Reuters that Egypt's high trade deficit was partly a result of lower tourism revenues.
"The hope is that non-oil foreign direct investment picks up, local industry, local manufacturing takes over, and then you have substitution for imports," Sandeep said.
Inflation was forecast at 6.0 percent in the financial year that ends in June, down slightly from a prediction of 6.4 percent three months ago. The headline price index is seen at 6.8 percent in the 2022/2023 financial year, revised up from an April expectation of 6.2 percent.
Inflation rate has slowed as inventories have piled up after the market was throttled by supply chain disruptions last year due to the coronavirus pandemic. Lower household consumption has also led to witnessing lower inflation.
"Now, if we see this COVID dragging on and tourism being quite weak … there will be a time when we cannot go on borrowing," Sandeep said, noting that Egypt already pays foreign debt investors a large premium over its central bank rates.

Clic here to read the story from its source.