Leading International Bank Predicts Egypt Will Have One of the World’s Strongest Economies by 2030
With increases in purchasing power and GDP, things could be looking up for Egypt in 2030.
Leading international bank, Standard Chartered, has predicted that Egypt could well be one of the world's strongest economies by 2030, as reported Bloomberg.
The long-term forecast by Standard Chartered, which focuses on markets in Asia, Africa and the Middle East sees Egypt in 7th place in a top ten, based on assessments of purchasing power parity (PPP) exchange rates, and nominal GDP. Even though the EGP is weaker now in terms of its exchange rate, by 2030, according to PPP theory, one EGP will be able to buy more of the same commodity than one Russian Ruble will, for example. It is, in that sense, likely that Egypt would see a reduction in prices, due to an increase in production. Counting on nominal GDP, rather than real GDP, the report does not account for inflation rates in each country respectively.
The list predicts that it would come ahead of Russia, Japan, and Germany, on the list topped by China, India, and then the US. 7 out of 10 countries on the list are emerging markets, unlike global superpowers like the US and Russia.
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