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- Egypt expected to grow by 2.5% in 2021, following 2.4% growth in 2020
HSBC’s Global Economic Outlook virtual roadshow came to Egypt last week with 100 of HSBC’s clients attending the online event.
Simon Williams, Chief Economist for Central & Eastern Europe, Middle East and Africa (CEEMEA); Dominic Bunning, Senior FX Strategist; and James Pomeroyl, HSBC Global Economist Director, gave their views on the impact of COVID-19 on the global economy and explored various factors influencing macroeconomic trends, fiscal policy, as well as oil and foreign exchange markets. They also addressed the challenges and opportunities awaiting Egypt and the wider region in 2021.
The event was held at a critical time for the global economy, with countries around the world heading into the end of the year with increasing COVID-19 cases and global consumer confidence, which had shown signs of strengthening, starting to wane.
HSBC’s economists expect the Egyptian economy to grow 2.4% in 2020, compared to a global contraction of 4.1%. Egypt’s momentum should continue into 2021, with HSBC expecting a further 2.5% growth.
Todd Wilcox, Deputy Chairman and CEO, HSBC Egypt, said: “Egypt’s economy has stood out for its resilience throughout the COVID-19 pandemic, with its 2016 reform programme putting it in a position of strength as it entered the global crisis. As we look to build back with even more purpose than before, I am inspired by the ideas, entrepreneurialism and partnerships that are helping foster recovery and growth in Egypt and abroad.”
Simon Williams, HSBC’s Chief Economist for Central & Eastern Europe, Middle East and Africa (CEEMEA), said: “We remain hopeful that Egypt is through the worst of the downturn, and are confident that it can weather the pressures it will likely continue to face. To an extent, that optimism reflects the stability Egypt had established before the crisis hit, with the rebalancing delivered through the three-year IMF-anchored reform programme taking the fiscal and current account deficit and inflation lower, and reserves higher.”
The HSBC Global Economist Outlook roadshow is an annual event, which sees HSBC economists presenting in markets around the Middle East, North Africa and Turkey (MENAT), giving an update on their outlook on the global and regional economies.
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Media enquiries to:
May Mohsen
+202 2 5298432
maymohsen@hsbc.com
HSBC Bank Egypt S.A.E
HSBC Bank Egypt S.A.E. was established in 1982 as Hongkong Egyptian Bank S.A.E. and adopted its present name in April 2001 following an increase in shareholding by the HSBC Group from 40% to 94.5%.
HSBC Bank Egypt S.A.E. is one of the largest multinational banks operating in Egypt, providing a comprehensive range of banking and related financial services through a network of more than 62 branches and outlets in prominent cities in Egypt.
© Press Release 2020
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