Private non-oil businesses are looking ahead a little bit more optimistically following a series-record low in October’s PMI survey
This makes it the fifth-consecutive month that Fitch has raised its expectations for Egypt’s real GDP growth this year
A negative outlook means the possibility of a credit rating downgrade
S&P also noted that Egypt could see close to $10 billion in foreign direct investment during the current fiscal year, up from $8.9 billion last year
In its MENA economic outlook update, Fitch noted that it will keep its expectations for the country’s inflation rate at 13.2%
