HSBC Bank predicted in a report that Egypt will be among the top twenty fastest growing economies in the world by 2050. Other countries on the list include China, India, and the Philippines.
The report states that Egypt will rise 15 places in the ranking to become the 26thfastest growing economy by 2050 driven by robust long-run economic growth. Egypt is expected to achieve a 4.8 percent growth rate in the current decade, and a 5.7 percent growth rate in the following decade. Saudi Arabia is expected to see similar growth.
The report predicts that the current western hegemony of the global economic scene will wane, and emerging markets will take the lead in the coming four decades. China is expected to outrank the US to be the new leader.
Ahmed Jalal Eddine, head of the International and Business Board, said that the world sees Egypt as a leading economic and political figure in the coming decades. He added that the preceding period did not demonstrate Egypt's true economic potential due to known factors, namely corruption.
Sherrif Sami, head of the Egyptian Investment Board, stated that Egypt is capable of building a strong economy, but needs to capitalize on its human resources and modernize its economic legislation in order to create an attractive investment climate. He noted that most current political movements do not disagree significantly on the concepts of a free market and complementary economy. (Source: english.nuqudy.com )