On Wednesday, Egyptian Minister of Finance Mohammed Maait said that Egypt will join the world’s 10 largest economies in 2030, jumping from 21st to seventh in GDP rank worldwide, according to estimates by Standard Chartered Bank.
Maait added that Egypt will become the only country in the Middle East which will restore its pre-pandemic global growth rates, recording 5.5 percent of GDP during the fiscal year 2021/2022.
According to the International Monetary fund, Egypt’s economy is a successful model for economic reform, even during the pandemic, Maait said.
He noted that it outperformed many of the region’s economies and has risen to second place among the largest economies in the Arab world during 2020, after Saudi Arabia.
Moreover, credit rating agencies including Moody’s, S&P, and Fitch have maintained Egypt’s rating with a stable outlook, despite the coronavirus pandemic.