Egypt is forecasted to emerge as one of the world’s ten largest economies by 2075, according to a recent long-term economic outlook from Goldman Sachs, a global investment bank.
Highlighting a significant global power shift towards emerging markets, the projection is driven by Egypt’s strategic geographical position and ongoing economic reforms.
The report emphasizes that Egypt’s location, linking Africa, Asia, and Europe, coupled with sustained reforms in the energy, transport, and service sectors, will be crucial for this transformation.
However, to truly capitalize on its economic potential, the country must address critical challenges such as water scarcity and workforce skill development.
In September, Egypt unveiled the National Economic Development Narrative, a strategic plan aimed at propelling the country’s real gross domestic product (GDP) growth to 7 percent, which currently stands at 4.8 percent, by 2030, surpassing pre-pandemic levels and generating 1.5 million jobs.
The initiative prioritizes key sectors including energy, agriculture, tourism, manufacturing, and information and communication technology (ICT).
The Goldman Sachs analysis also outlines a reconfiguration of the global economy, with China, India, and Indonesia projected to lead the pack. Pakistan and Nigeria are expected to join this elite group, alongside Egypt.
As emerging markets like Egypt and Nigeria rise, they face the dual challenge of ensuring economic growth aligns with improvements in living standards and sustainability.
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