The size of Egypt’s economy will rank 20th in the world by 2050, according to a report issued by international investment bank HSBC on the economic situation of the Middle East and North Africa region.
Poor education, high populations, scarce job opportunities and the absence of democracy all led to political disturbances in the region in 2011, the report says.
Egypt and Saudi Arabia will achieve high growth rates in the long run, despite short-run challenges, the report predicts, expecting Egypt to reach a 4.7 percent growth rate in the current decade and a 5.7 percent rate in the future. If this happens, Egypt will be among the 30 countries in the world with the highest growth rates, the report adds.
Egypt has new aims for growth in the long run despite the current state of uncertainty, the report added.
The report arranges countries in the region by their level of economic development. It takes into account the most important factors that push developing countries forward, including the citizen’s share of national income, rule of law, democracy, education and demographic changes, all of which help predict global gross domestic product.
Translated from Al-Masry Al-Youm
