A recent economic report monitoring the conditions of several African countries predicts that Egypt will become among the largest economies in the world by 2075.
The report by the American Goldman Sachs Bank, which was reported by Business Africa platform, according to the Middle East News Agency, on Monday, said that the Egyptian economy ranks among these qualified economies.
The Egyptian economy is one of the most diversified economies in the Middle East and North Africa region, it added. Sectors such as tourism, agriculture, manufacturing and services contribute significantly to Egypt’s gross domestic product.
The Egyptian economy has the ability to face and overcome challenges, the report noted.
The report indicated that the economic reforms implemented by Egypt contributed to the stability of the Egyptian economy and the improvement of financial performance, as they enhanced the competitiveness of exports, contributed to achieving primary surpluses, controlling the inflation rate, and reaching an adequate cash reserve balance.
The report stated that the list of eligible African nations included Nigeria, one of the countries with the highest population growth rates in the world and is classified as one of the largest economies in Africa.
Its economy is mixed, and one of only eight such countries in Africa, and it is the most industrialized, technologically advanced and diversified economy in Africa, the report added.
The report stressed that GDP is a crucial indicator of the economic health of any country, which represents the total value of goods and services produced over a specific period – however, it explained that history has shown that economies can be remarkably resilient.
For example, the pandemic caused a widespread economic contraction, but many countries recovered through economic stimulus packages and strategic reforms.
The report noted that this resilience is also evident in Africa, where emerging markets are striving to overcome economic barriers and become major global players.
Goldman Sachs added that one prominent prediction is that the US will no longer be among the world’s two largest economies, largely due to declining population growth rates.
