The Egyptian economy is expected to surpass South Korea's, Italy's, Canada's, and South Africa's by 2050.
Business Insider UK has named Egypt among the 32 most powerful economies by 2030, citing a PricewaterhouseCoopers (PwC) report titled ‘The Long View: How Will the Global Economic Order Change by 2050?’
The predictions are based on these countries’ projected GDP by purchasing power parity (PPP) by 2030. China leads the pack with a projected GDP by PPP of $38 trillion, with the US coming as a distant second at $23 trillion, and Egypt ranks 19th with a projected GDP by PPP of $2 trillion.According to the PwC report, Egypt’s economy will grow at an average rate of 5% between 2016 and 2020. The country’s GDP by PPP is projected to reach $4.3 trillion, and its population is estimated to grow to 151.1 million by 2050.
The findings also suggest a rise in startup activity as the cost of starting a business in Egypt is expected to fall.
Main Photo: Reuters.
You can view the full PwC report here.