Egypt Has Second Most Resilient Emerging Economy Amidst US-China Trade War
Only the Philippines was ranked above Egypt, as economies across the world feel the effects of the trade stand-off.
In the midst of an escalating world trade war between U.S. and China, most emerging economies are feeling the pressure due to the war's damaging effect on the wider world economy. In a recent Bloomberg report, however, Egypt was revealed to have one of the most resilient economies in the trade standoff, surpassed only by the Philippines.
At the very bottom of the list, meaning the economy most vulnerable to the trade war, is Mexico, mainly due its high dependence on the U.S. as its biggest trade partner. Economies that aren't exclusively dependent on the U.S. or China are managing to survive without economic slowdowns. The only other Middle Eastern economy to feature on the list is Turkey's, which ranked as the 14th most resilient economy.
“The economies that have either strong domestic demand, smaller trade exposure to China or the U.S., or those with more restrictions for foreign investors to access the markets are more insulated,’’ said Satoru Matsumoto, Tokyo-based fund manager, to Bloomberg. “It’s understandable that countries like Mexico that are more vulnerable to a U.S. slowdown and also traded as a proxy for emerging markets are ranking lower.”