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Monday, 19 August 2019

Egypt’s economy expected to grow 6.8% annually until 2027, says Harvard Center for International Development

Egypt’s economy is forecast to grow at a 6.8% clip per year over the next 10 years, placing it among the top of the list of the fastest-growing economies until 2027, according to the Harvard Center for International Development’s 2027 Growth Projections. Also expected to hit annual growth rates of at least 6% are Myanmar, Uganda, China, and Vietnam. Harvard’s projections are based on a measure of ‘economic complexity,’ which accounts for the diverse and sophisticated production involved in each country’s exports.

The only unifying factor in the fastest growers? Specialized knowhow: “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 or its income that will drive diversification and growth,” researcher Timothy Cheston writes.

Egypt ranks 68th on the Economic Complexity Index. Egypt has moved up two places in the Economic Complexity Index due to export diversification increasing complexity of the country’s economy. Harvard projects that Egypt will continue along the same trajectory in the years to come as it further diversifies production.

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