Women work on a production line at the mobile phone factory in Assuit, Egypt. Reuters
Egypt’s non-oil private sector economy saw renewed growth in April, according to latest PMI data. Output expanded for the first time in nearly one-and-a-half years and new business increased at a faster rate. Input purchasing and job numbers also rose, while business sentiment towards the year-ahead outlook for activity strengthened.
Egypt’s economic growth is expected to slow to 5.5% in the current fiscal year, below the government’s target, and 5.8% the following year, a Reuters poll showed, as Cairo nears the end of an IMF-backed economic reform programme.
While Salah helped lead his club to a sixth European Cup triumph in June, a year on from an injury forcing him out of the final, he was powerless to stop the Pharaohs suffering humiliation on the international stage for the second time in 12 months.
China on Friday announced tariff hikes on $75 billion of US products in retaliation for President Donald Trump’s latest planned increase, deepening a conflict over trade and technology that threatens to tip a weakening global economy into recession.
Amid a worsening economic slowdown, US rating agency Moody’s on Friday lowered India’s GDP growth forecast for the 2019 calendar year to 6.2 per cent, from its earlier estimate of 6.8 per cent,
Japan’s core consumer inflation wallowed at a two-year low in July, increasing pressure for the central bank to acknowledge price momentum was slowing and expand its radical stimulus programme.