The Egyptian economy is looking to tighten its belt and push boundaries just before the year ends as an economic outlook for the renowned financial and banking institution, BNP Paribas revealed that their economic performance is right on track. One thing that will boost the local economy is the new World Cup Qualification.
BNP Paribas noted that the local reform forms has been particularly noteworthy and have been pulling the economy on greater heights. The outlook was reported by local media, government representatives, the Central bank of Egypt, local banks, multination and domestic corporates, and a handful of sector met on the three-day investor trip.
BNP’s Economy Note
The three-day investor trip was held at Cairo as an effort to re-assess the economic state and condition. The bank reiterated that the current Egyptian economy is looking to be booming and have recovered from past debacles; they also managed to pinpoint the mediums that stepped out to push the stellar economic performance.
The first one would be the tremendous economic activity; according to the bank, the consumer demands have been on the brighter side despite the inflation and that the food expenditures remained competitive all throughout the given period.
One thing that may have caused turbulence is the consumers’ shift to their spending style; the data suggested that the local consumers turned more prices sensitive and have managed to trim their non-essential expenditures and even reducing their overall shopping basket.
More Economic Notes
One thing that Egypt can shear and address these coming months is the rising CPI or the consumer price index. The bank brought a close focused on the inflation of CPI, noting that the inflation in the third quarter in 2017 have peaked causing a massive rise in prices today and in the near future. The bank said that the slowdown in the CPI inflation is the agenda, trimming it down to single-digits in the medium term, apprehending any potential price hike in early to mid-2018.
World Cup Qualification
Many international news facets have been implying and stating that the business structure in Egypt has been struggling and consumer spending dwindles down; this time, the new found hope as their home football team managed to snag a spot in the coming World Cup in Russia and local companies are expected to sponsor the team and create their worldwide exposure.
The advertising budget for local companies is expected to go on the roof as corporations and business are looking to ride the World Cup hype for international exposure, and possibly boosting the dwindling sales locally.
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