Fitch upgrades Egypt’s credit rating
According to Fitch, Egypt’s economic growth is accelerating on a year-on-year basis as growth figures reached 6.8% in the third quarter of 2014. This level is the highest level recorded since 2008 and it is up from the growth rate of 3.7% reported in the second quarter of 2014. At the end of 2014, Egypt’s debt stood at 90.5% of GDP and It is expected to retreat to 85.8% of GDP by the end of the 2015-2016 fiscal year.
However, the group still warns that currency shortages, an electricity crisis and ongoing financial difficulties will hamper Egypt’s recovery.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Sentiment cautiously rebounds in Asian PP, PE markets
- Asian monomer markets react after crude oil surge
- September hikes meet resistance for ABS in Europe
- Turkey’s import PP market slumps to 3-year low on supply glut, low demand
- Import PVC demand dampened in Europe, Turkey; will it improve in H2?
- Chinese PET producers attempt for hikes first time since July
- Uptrend in spot styrene prices curtailed in Asia
- Spot LDPE, LLDPE prices hit a decade low in Italy
- Saudi major globally applies significant drops on PE for Sept
- Malaysia’s local PE market dives to a decade low