Egypt is projected to become one of the 32 largest economies in the next 35 years, joining a list of newly-emerging and established emerging economies, according to a new report.
The February 2015 report, "The World in 2050: Will the shift in global economic power continue?", published by Global consulting firm PwC said that Egypt is among eight newly-emerging economies to be included in the latest update of its “World in 2050” report for indicating signs of sustained rapid growth in the long term. The other new entrants are Philippines, Bangladesh, Colombia, Iran, the Netherlands, Pakistan and Thailand.
“The top 10 fastest growing economies are all developing countries: seven are from South and Southeast Asia and three are from Africa,” stated PwC.
The report presents long-term projections of potential gross domestic product (GDP) growth up to 2050 for 32 of the largest economies in the world, covering 84 percent of the total global GDP.
In this ranking, Egypt is currently in 22nd place out of 32 with a GDP of US$285 billion, but is predicted to move up to 20th place in 2030 with a GDP of $806 billion and to 16th place in 2050 with a GDP of $2.9 trillion.
“We project the world economy to grow at an average of just over 3 percent per annum in the period 2014-50, doubling in size by 2037 and nearly tripling by 2050,” it said.
China will clearly become the largest economy by 2030, dislodging the United States, while India could challenge the US for second place by 2050.
Indonesia, Mexico, and Nigeria could push the United Kingdom and France out of top 10.
“In practice, not all may do so and therefore not all of these economies will fulfill the potential indicated by the PwC growth projections, although some could also exceed the projections if they can accelerate their investment rates and institutional reforms,” the report said.
The 32 countries ranked, based on GDP in terms of purchasing power parity, in 2014 are China, United States, India, Japan, Germany, Russia, Brazil, France, Indonesia, United Kingdom, Mexico, Italy, South Korea, Saudi Arabia, Canada, Spain, Turkey, Iran, Australia, Nigeria, Thailand, Egypt, Poland, Argentina, Pakistan, Netherlands, Malaysia, Philippines, South Africa, Colombia, Bangladesh and Vietnam.
