Egypt has ranked 19th in the world’s 21 most powerful economies in 2030 list, according to a report published by global accounting firm PricewaterhouseCoopers (PwC).
The report said that emerging markets will start to dominate rankings of the world’s top economies by 2030.
The spot comes based on the country’s expected global gross domestic product (GDP) by purchasing power parity (PPP), a macroeconomic analysis used to determine the economic productivity and standards of living between countries across time.
The report placed Egypt in 19th place, with a projected GDP of $2.049 trillion. It was directly preceded by Canada, in 18th place, with $2.141 trillion and Spain with $2.159 trillion.
The report said that emerging markets such as India and Brazil are set to challenge the economic dominance of the US and China.
The top five economies in 2030 according to the report are: China, with a projected GDP of $38.008 trillion, the US ($23.475 trillion), India ($19.511 trillion), Japan ($5.606 trillion) and Indonesia ($5.424 trillion).
Egypt embarked on an ambitious economic reform program in 2014 to revive its economy, battered by years of political unrest.
Though the programme is causing social pressures in the short term, it is said to place Egypt on the right path for economic growth.
Source: Egypt Independent