News

Harvard Ranks Egypt 3rd Fastest Developing Economy in the Coming Decade

mm
Harvard Ranks Egypt 3rd Fastest Developing Economy in the Coming Decade

 

Although the flotation of the EGP caused a mass inflation, the economy seems to be improving. Photocredit/ AFP

A current Harvard report has classified Egypt as one of the world’s fastest growing economy’s in the coming decade after Uganda and India on Thursday.

A report released by the Global Growth Projections, which was reported by the Center for International Development in Harvard University, have expressed hopeful predictions regarding Egypt’s annual growth rate to reach 6.63% by 2026.

“The growth projections are based on Economic Complexity, a single measure of each country’s economy which captures the diversity and sophistication of the productive capabilities embedded in a country’s exports,” said the report.

According to the report, Egypt is ranked after Uganda as fastest growing economy in the African content. The yearly economic growth is forecast to reach 7.46%.

In the past few years, Egypt has undergone significant economic recession as a result of facing several security challenges and political disorder. In 2016, a stern three-year economic reform program was introduced to the country which included energy subsidy cuts, tax increases, austerity measures and currency flotation.

The flotation of the Egyptian pound was meant to contain the shortage of the U.S dollar; however, as a consequence to the currency flotations, prices and inflation spiked.

In an annual report released on Wednesday, the IMF expected Egypt’s economic growth to reach 5.2 percent in the 2017-18 fiscal year compared to 4.2 percent last year, and further accelerate to hit 5.5 percent in the 2018-19 fiscal year.

Yet, regardless of the gloom-ridden response to the heightened inflation and economic difficulties, the loosening of restriction on the Egyptian pound’s exchange rate has encouraged the  International Monetary Fund (IMF)  to support Egypt’s economic reform by offering a 12-billion-dollar loan which has been a positive indication on the performance of the Egyptian economy and has led to more assurance in the country’s investment climate.

According to XinhuaNet, Egyptian Finance Minister Amr al-Garhy stated that Egypt, which is currently maintaining economic momentum, aims to achieve and maintain the sustainable growth rates of between 6 and 7 percent.

 

Egypt Must Provide Jobs for Growing Population, says IMF
Uber and Careem Given 6 Months to Adhere to New Law

Subscribe to our newsletter


News

More in News

Netflix Releases a Teaser for its First Arabic Original Show ‘Jinn’

Nour EltiganiMay 22, 2019

First Time For Arabic Novel In Translation To Win Man Booker International Prize

Egyptian StreetsMay 22, 2019

Mubarak: Trump’s Peace Deal Can Blow Up the Region

Egyptian StreetsMay 20, 2019

Egypt’s Minister of Tourism Goes to the Pyramids with the Tourists from the Bus Explosion

Egyptian StreetsMay 20, 2019

AI to Boost Egypt’s GDP by 7.7% in 2030: Minister of Higher Eduction Predicts

Egyptian StreetsMay 19, 2019

Explosion Reported Near Grand Egyptian Museum

Egyptian StreetsMay 19, 2019

Egypt’s New Rod-Al Farag Axis Bridge Receives Guinness World Record Certificate

Egyptian StreetsMay 18, 2019

‘Direxiona’: Egyptian Platform for Female Driving Instructors Wins First Prize in AFD Competition

Egyptian StreetsMay 17, 2019
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.