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Saudi economy on the up

Saudi Arabia’s economic recovery has strengthened in recent months and, with oil output set to be raised further, the economy will record its fastest rate of growth in over a decade in 2022.
James Swanston Middle East and North Africa Economist
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Egypt’s headline inflation rate picked up to a three-year high of 13.6% y/y in July and we think it will remain above the Central Bank of Egypt’s target range until early 2024. Greater flexibility of the pound has taken some pressure off policymakers to hike interest rates aggressively, but we still think rates will rise a further 150bp, to 12.75%, by the end of this year.

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Middle East Economics Update

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Egyptian inflation rose to a near-three year high in March and will continue to pick up on the back of the spillovers from the war in Ukraine and last month’s devaluation. We now think interest rates will be hiked by a further 350bp, to 12.75%, by end-2022. This is more tightening than the consensus currently expects.

11 April 2022
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