HSBC’s Global Economic Outlook virtual roadshow came to Egypt, last week, with 100 of the bank’s clients attending the online event.
The event was attended by: Simon Williams, Chief Economist for Central and Eastern Europe, Middle East and Africa (CEEMEA); Dominic Bunning, Senior FX Strategist; and James Pomeroyl, HSBC Global Economist Director, among others.
The trio gave their views on the impacts of the novel coronavirus (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. However, the increasing global consumer confidence, which had shown signs of strengthening, has also started 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 of 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.”
He added, “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.”
Williams added, “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.”
He noted, “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.