Minister of Finance Mohamed Maait said on Tuesday that Egypt making it onto the top five list of countries of fastest growing economies until 2027 is proof that Egypt’s economic reform program is a success.
“It also means that all efforts that the government is introducing to stimulate the investment climate and strengthen the national industry, as well as deepen dependence on the local component of all industrial sectors, are working”, Maait added.
According to a recent report published by the Harvard Center for International Development’s 2027 Growth Projections Egypt is among the top five countries of the fastest-growing economies until 2027, and considers Egypt on the track for economic growth.
Alongside Uganda, Myanmar, China, and Vietnam Egypt is expected to grow by at least six percent annually. The growth projections are based on the single measure of Economic Complexity, which captures the diversity and sophistication of the productive capabilities embedded in the exports of each country, according to the report that was reviewed by the cabinet late Monday.
“For the economic complexity index, what unites Uganda, Egypt, China, Vietnam, and Tanzania as the fastest-growing countries in the projection is not that they uniformly share the same education level, geographic region, religion, or any measure of institutional quality. Rather, each country has a more sophisticated range of specialized knowhow than expected for its income that will drive diversification and growth” reads the report.
Egypt ranks 68th on the Economic Complexity Index, moving up two places in the Economic Complexity Index due to export diversification increasing complexity of the country’s economy, details the report found.
Harvard projected that Egypt will continue along this same trajectory in the years to come as it further diversifies production.
The report also finds the most complex countries in the world are, in ranking order, Japan, Switzerland, South Korea, Germany, and Singapore. Meanwhile, other notable countries include the United States at 12th, Italy at 13th, the United Kingdom at 14th, France at 16th, all just ahead of China at 19th.
“Among the most complex countries, the greatest improvements in the decade ending in 2017 have been made by the Philippines at 33rd, China at 19th, Singapore at 5th, and South Korea at 3rd. Those countries that show the fastest declines in the complexity rankings in the past decade have become increasingly dependent on commodities or were affected by political instability or civil war, namely Madagascar at 119th, Zimbabwe at 106th, Australia at 93rd, Cuba at 109th, and Zambia at 116th.