Egypt's fuel subsidy bill drops by 69% year on year July-Sept: Minister    Ukraine faces new challenges in peace talks with Russia    Half of lymphoma patients alive three years after new cell therapy treatment: Study    Protesters flood Hong Kong as government urges calm    Saudi airman may have become radicalized before US Navy base attack    Salah's absence was 'bad luck' for El-Badry's debut with Egypt, says EFA boss    UK PM Johnson promises lower immigration if he wins election    Live score: Egypt's Pyramids FC v Mauritania's FC Nouadhibou (African Confederation Cup)    Live score: Aston Villa v Leicester City (English Premier League)    Rocket hits Iraqi cleric's home following deadly Baghdad attack    Winners of African App Launchpad cup announced    Egypt to cut government spending by 6.5% in 2020    Egypt to launch 12 investments zones to attract EGP 78bn    Egypt's Sisi reviews anticipated New Administrative Capital relocation plan    Iran says new budget bucks US oil embargo, uses Russian loan    New waste management system needs cooperation at all levels: minister    Criminal court sentences 4 to death for killing 3 policemen in 2016 robbery    The role of academic institutions in culture industry discussed at Alexandria Theatre Festival    Even being big, burly one needs his mother    Egypt Zamalek's new coach eyes winning start in Champions League against 1º de Agosto    Egypt's Cabinet denies reports on increasing Jan. train fares    WHO decries "collective failure" as measles kills 140,000    The monster that created Michelangelo's sins    First flight attendant with Down syndrome leads crew on International Day of Disabled Persons    Things to do to receive 2020 feeling better    Mohamed Salah, Zamalek's Hamed represent Egypt in shortlists for CAF awards    Rate of HIV infections in Egypt around 0.02% – minister    Adam Sandler threatens to make ‘so bad' movie if he doesn't win Oscar    Egypt's Tahrir Square among top Reuters photos of a decade    Ahly labour to Egypt Cup win over second-division Beni Suef    Gearing up for the World Youth Forum    In charge of the news    
Don't miss Miami Theatre's new theatrical production Rasayal Ala'oshaq    Shaaban Abdel Rahim, passed away aged 62 years    Egypt names 16 new governors ahead of anticipated Cabinet reshuffle    Egypt's MPs back potential return of information minister post in expected reshuffle    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







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





Egypt to top African countries' economic growth in 2018: report
New investment law will reinforce investors' confidence, lure direct investments
Published in Daily News Egypt on 04 - 02 - 2018

Egypt is likely to top African countries in terms of economic growth in 2018, according to a recent report by BMI Research, a Fitch Ratings research unit.
"While the region as a whole is set to see growth accelerate, Egypt stands out as the economic outperformer in 2018, as structural reforms implemented as part of the 2016 International Monetary Fund (IMF) programme begin to spur more significant investment, while headwinds to household consumption cool," the report added.
Economic growth of the North African nation is expected to accelerate, in line with the recovery of consumer spending and the decline of inflation rates, the report highlighted.
The economic growth path will be faced with several obstacles such as the unstable political scene in the region, but it will not be enough to affect the Egyptian economy, the report showed.
The new Investment Law will reinforce investors' confidence and lure direct investments to the Arab world's most populous country that in return create more jobs, the report indicated.
The IMF forecast Egypt's economic growth to stand at 4.8% in fiscal year 2017/2018 and to reach 6% in the medium term.
Meanwhile, the report also noted that the macroeconomic backdrop will improve in 2018 across the MENA region, after slowing in 2017 due to the OPEC-stipulated oil production cuts, oil prices taking longer-than-expected to recover, and persisting political risk.
Oil exporters will benefit from robust gains in prices, forecasting Brent crude to average $65 per barrel in 2018, up from $54.8 per barrel in 2017.
Higher oil proceeds will enable a boost in government spending which will support economic activity.
Meanwhile, progress on structural reforms and overall improving political stability will drive activity in oil-importing economies.
The report holds a more optimistic outlook for the region overall.
"We do not expect a dramatic acceleration in economic activity. We forecast real GDP growth of 3% for the MENA region in 2018, up from an estimated 2.6% in 2017. Structurally lower oil prices will continue to weigh on the pace of growth in oil-exporting economies, especially as diversification plans take time to yield results. Persistent political risk will also weigh on investor confidence across the region, limiting the acceleration of growth," the report added.


Clic here to read the story from its source.