• Simon Williams: “We remain fundamentally optimistic on Egypt’s near-term outlook”

  • Simon Williams, HSBC’s Chief Economist for CEEMEA, explored changing global and regional dynamics, factors influencing the FX markets and the outlook for Egypt in 2018

  • HSBC hosted [100] clients and partners at Sofitel Cairo

The HSBC Economist Roadshow travelled to Cairo on Monday, 7 May 2018, with Simon Williams, HSBC’s Chief Economist for Central & Eastern Europe, Middle East and Africa (CEEMEA), presenting to over 100 of HSBC’s clients and partners at the Sofitel Cairo.

Simon Williams said, “We remain fundamentally optimistic on Egypt’s near-term outlook. The gains delivered by the IMF-anchored reform process that began in late 2016 are impressive and have momentum, and will, in our view, see the domestic and external imbalances that had become so damaging to economic function continue to narrow over the remainder of this year and into 2019.” Williams continued, “We are optimistic that as inflation falls and confidence in the new, more stable economic environment gains, growth will trend upward boosted by an increase in consumption, investment and exports. We expect the recovery process to benefit from the tailwinds of a steady, but extended, monetary easing cycle and strong global risk appetite which should ensure Egypt continues to benefit from capital inflows. The higher rate of growth will not only boost real incomes and enhance support for the reform process underway, but also help drive down nominal imbalances as a proportion of national income.” Jacques- Emmanuel Blanchet, HSBC Group General Manager, Deputy Chairman & CEO HSBC Bank Egypt, said, “We are pleased to be able to provide our clients in Egypt with this important economic update on the country and wider region. HSBC has been operating in Egypt for almost 36 years and we are committed to its future – helping businesses achieve their ambitions.” The Economist Roadshow is an annual HSBC event, which sees the HSBC economists travel around the Middle East, North Africa and Turkey (MENAT), giving an update on their outlook on the region’s economies.

-Ends-

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 65 branches and outlets in prominent cities in Egypt.

© Press Release 2018