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CAIRO – 5 May 2018: A new report by Harvard’s Center for International Development (CID) ranks Egypt third in a list for the fastest growing economies to 2026.
It predicted that Egypt will achieve an average economic growth of 6.63 percent per year for the next 8 years until 2026.
The study’s growth projections are based on Economic Complexity, a single measure of each country’s economy which captures the diversity and sophistication of the productive capabilities embedded in a country’s exports.
The “New Global Growth Projections” report, released on Thursday, said countries that have diversified their economies into more complex sectors are those that will grow the fastest in the coming decade.
India and Uganda come on top of the list for the fastest growing economies until 2026, with a 7.9 percent and 7.5 percent growth annually, respectively.
Egypt comes third, followed by Indonesia (6.13%)and Kenya (5.89%). The report said that if low-income countries want to experience rapid growth, economic diversification and complexity is a necessity.
Source: CID’s Global Growth Projections report