Egypt will become one of world's fastest-growing economies - int'l report
Monday، 19 August 2019 - 12:58 PM
Prime Minister Mostafa Madbouli reviewed on Monday a report issued by the Center for International Development (CID) at Harvard University that expected Egypt to become one of the fastest-growing economies in the world.
Egypt's economy is forecast to grow at a 6.8% clip per year over the next 10 years, placing it among the top of the list of the fastest-growing economies until 2027, according to the Harvard Center for International Development's 2027 Growth Projections.
Also expected to hit annual growth rates of at least 6 percent are Myanmar, Uganda, China, and Vietnam, the report said.
Harvard’s projections are based on a measure of "Economic Complexity," which accounts for the diverse and sophisticated production involved in each country’s exports.
"What unites Uganda, Egypt, China, Vietnam, and Tanzania as the fastest-growing countries in the projection is not that they uniformly share the same education level, geographic region, religion, or any measure of institutional quality. Rather, each country has a more sophisticated range of specialized knowhow than expected or its income that will drive diversification and growth," according to the report.
Egypt ranks 68th on the Economic Complexity Index, it added.
Egypt has moved up two places in the Economic Complexity Index due to export diversification increasing complexity of the country’s economy, according to the report.
Harvard projects that Egypt will continue along the same trajectory in the years to come as it further diversifies production.