After more than a year since the launch of the economic reform program, GDP growth is strengthening and inflation is declining.
Saudi, UAE and Egypt PMIs rose at the end of the third quarter. to restore the stability of the country’s finances and promote growth and employment, while shielding lower-income households from the adverse effects of the changes. The DFM index and the Tadawul added +2.9% and +1.0% respectively. Published Date: 15 April 2020. A decline in the dollar this December put the exchange rate below the LE16 mark for the first time in three years.
Enter a query in the search input above, and results will be displayed as you type.Try typing "Dubai Economics", "Dubai GDP", "GCC Macro", Edward Bell - Senior Director, Market Economics It was a largely positive day for the AUD and despite some volatility, it currently sits at 0.6410 which is over a 0.90% increase, but the currency looks to be in a downtrend in the early hours of this morning.
Oil prices sank again overnight as the market largely discounted the impact of OPEC+’s 9.7m b/d agreement to cut production. All rights reserved. Saeed said that the wholesale and retail trade sector ranked first with a contribution of 14.7 percent to the GDP, followed by the industrial sector with a contribution of 12.6 percent, while the agriculture, forestry and fishing sectors contributed 12 percent.
The tourism sector is gradually charting a path to normalization, after Covid19 mandated significant lockdown measures in Q2 especially.
An extension of India’s lockdown measures (see above) reinforced the scale of demand destruction as a result of the coronavirus, nullifying the impact of major supply cuts. The fund anticipates a contraction in both developed (-6.1%) and emerging markets (-1%), unlike the 2008-09 financial crisis when emerging markets still managed to record some growth.
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However, Egypt’s economic growth forecast was estimated at 6% in …. Private non-oil sector contracted more than 10 percent year on year. Terms and Conditions Developed market equities took weak earnings and dire economic growth projections in their stride to close sharply higher.
Last week, the IMF, having branded the 2016 program a success, recommended that Egypt implement a new package of reforms geared towards supporting and developing the country’s private sector. The reforms, supported by a US$ 12 billion EFF arrangement from the IMF, are aimed at achieving more sustainable, inclusive, and private-sector-led growth that will improve the living standards of all Egyptians. On December 20, 2017, the IMF Executive Board approved the third installment of the three-year, $12 billion Extended Fund Facility. Egypt’s economic reforms have helped strengthen growth, reduce unemployment, increase foreign exchange reserves, and put public debt on a downward path. To support the homegrown reforms, in November 2016 the government initiated an IMF-supported arrangement to restore the stability of the country’s finances and promote growth and employment, while shielding lower-income households from the adverse effects of the changes.
EIA data will be released later this evening. © 2020 International Monetary Fund. Additionally, the report also estimated the country’s unemployment rate to reach 9.6% in the current FY, forecasting it will be declined to reach 8.3% in the coming FY. The focus of investors appear to be only on the reducing number of new coronavirus cases and not on the impact of continued economic restrictions.
As a result the JPY saw some modest gains, meeting resistance just below the 107.00 level and is now trading at 107.15.
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