The Egyptian economy is expected to rank 15th worldwide by 2050، out of a list of 32 countries driven by the financial and structural reforms، active labour work and young labor workforce، according to a British report. The report، prepared by PricewaterhouseCoopers، a multinational professional services network based in London، showed that Egypt and Saudi Arabia would be included within the largest 32 economies around the world surpassing the economies of South Korea، Italy and Spain. The report added that the Egyptian economy will now rank 9th from the 21st rank in the world by 2030، with a gross domestic product estimated at $2049 billion. Egypt would also be the world's 15th rank with a total gross domestic product reaches to $ 4333 billion in 2050، the report added.
The report pointed out that the Saudi economy، which is currently ranked 15th in the world will rise to the 13th in 2030 with a total domestic product estimated at $2755 billion، and will maintain the same position until 2050.
Except for the US، many of the world’s current power economies such as Japan and Germany will decline on global rankings and will be replaced by countries such as India and Indonesia، which are now emerging markets، the report said.
The Wall Street Journal، meanwhile، said in a report titled “Egypt’s Leader Makes a Risky Bet on the Healing Power of Economic Pain”، that President Abdel Fattah al-Sisi’s difficult economic reform decisions such as the flotation of the pound and the cancellation of subsidies are now more accepted by Egyptians، after the chaos swept through Arab Spring countries.
“The rise comes after the government secured a $12 billion loan from the International Monetary Fund (IMF). In order to qualify for that loan، the government imposed a set of tough economic measures، including subsidy cuts and the flotation of the EGP،” AP added.