Egypt will rank 7th among the 10 largest economies in the world by 2030, according to new long-term forecasts released by Standard Chartered on Tuesday (January 8th).
In fact, the British bank estimates, the country would be ahead of several current major economic powers including Russia, Japan and even Germany. In fact, seven of the ten largest economies in the world by that time will likely be savings from emerging emerging markets, according to the institution.
“Our long-term growth forecast is based on a fundamental premise: countries’ share of global GDP should finally converge with their share of the world’s population, driven by convergence of GDP per capita between advanced and emerging economies” said David Mann of Standard Bank.
In addition, the bank estimates that India will outpace the United States in the same period in terms of GDP, while Indonesia will enter the top five economies. India’s growth is expected to accelerate to 7.8% by 2020, while China’s growth is expected to moderate to 5% by 2030, “reflecting a natural slowdown given the size of the economy”
