Egypt placed third in Forbes Middle East’s list of largest economies in the Arab region with a total GDP value that is expected to jump to $394.3 billion in 2021, up from the $361.8 billion recorded in 2020.
Egypt retreated to third place behind the UAE, which advanced to second place with a projected total GDP of $401.5 billion in 2021, up from a $354.3 billion posted in 2020.
Saudi Arabia maintained its position as the biggest economy in the Arab region with its total GDP value expected to hit $804.9 billion in 2021, up from $701.5 billion attained in 2020.
Iraq kept its spot in fourth place, with an expected $190.7 billion GDP in 2021, up from $172.12 billion reached in 2020.
On Thursday, Egypt’s Ministry of International Cooperation announced that the country ranked fourth with an index of 88.7 in the Economist’s ‘normalcy index’, tracking behavioural changes due to the COVID-19 pandemic that impacted world economies owing to the socioeconomic challenges the world witnessed in 2020.
Egypt’s Minister of International Cooperation Rania Al-Mashat explained that the index included 50 of the world’s largest economies that represent 90 percent of global GDP and 76 percent of the world's population, adding that Egypt’s ranking reflects the country’s resilience against the COVID-19 pandemic and its related severe impacts.
Egypt’s real GDP growth is expected to rebound significantly in the current FY2021/2022 to 5.2 percent, up from the projected 2.8 percent for the FY2020/2021, according to Celin Allard, the chief of the International Monetary Fund’s mission for Egypt on the stand-by agreement (SBA) programme.
Allard made her comments during a press briefing held in June on the occasion of the completion of Egypt’s 12-month SBA loan programme.
Under the programme, Egypt secured a loan amounting to $5.4 billion dedicated to help the country cope with the challenges posed by the coronavirus by meeting its balance of payment needs, reducing the budget deficit, maintaining the achievements made over the past four years under the country’s economic reform programme, and providing finances for implementing Egypt’s second wave of economic reforms.