The London-based financial institution, Standard Chartered maintained its previous forecast for Egypt’s economy to be one of the top 10 economies in the world by 2030 in terms of gross domestic product (GDP) growth.
Egypt is the only country in the MENA region that is expected to rebound to its pre-COVID-19 economic growth rate of 5.5 percent in the financial year 2021/2022, according to Standard Chartered.
Egypt’s economy still maintains positive outlook amid the coronavirus (COVID-19) pandemic according to several international institutions, Minister of Finance Mohamed Maait commented on the global financial institution remarks
The economy’s positive indicators reflect its resilience in the face of internal and external crises and its ability for fast recovery from the repercussions of the pandemic, Maait added in a statement on Wednesday.
The North African nation is expected to jump to the seventh ranking globally by 2030 from the current 21st, according to Standard Chartered.
In addition, the International Monetary Fund (IMF) raised its projection for the country’s GDP growth rate to 2.8 percent from 2 percent in FY20/21 and to 5.8 percent in FY21/22.
Moreover, Moody’s also said that the most populous Arab nation would be the only country in Africa to keep its positive growth trend before and after the crisis, while Fitch Solutions expects the country to achieve a 3 percent growth rate in FY20/21.