General view of hotels, banks and office buildings by the Nile River in Cairo, Egypt. Reuters
The renowned American business-focused website noted that its list was compiled based on the Gross Domestic Product (GDP) of these countries.
“According to the World Population Review, Egypt has a population of over 105 million. A report by Reuters indicated that Egypt’s economy soared by 9.8% in 1Q of FY2021/22, which started in July 2021. Available statistics show that Egypt is one of the wealthiest African countries by total GDP for 2021,” Business Insider said.
It also pointed out that despite the negative impact of the coronavirus pandemic on the economy, Egypt’s GDP has grown in 2021 thanks to the country’s mixed economy profiting from fossil fuels, agriculture, and tourism, making it an ideal destination for investors.
According to the list, the top five investment destinations in Africa in 2021 were Nigeria with a GDP amounting to $514 billion, followed by Egypt’s $394 billion, South Africa’s $329.53 billion, Algeria’s $151.46 billion, and Morocco’s $124 billion.
In January, the Egyptian Cabinet Information and Decision Support Centre said Egypt achieved positive economic growth for the second year in a row during the pandemic, recording 3.3% in FY2020/21, and 3.6% in FY2019/20, adding that Fitch has commented that Egypt is one of the few countries that witnessed positive economic growth throughout the crisis.
In April 2021, Egypt announced the launch of the second phase of its economic reform programme, which shifts focus on structural reforms after a wrap-up of the first phase of the IMF-backed economic reform programme that has been in progress since 2016.
Dubbed the ‘National Structural Reform Programme’ (NSRP), the programme aims to back the economy and bolster comprehensive and sustainable growth.
The main elements of the programme are based on supporting the business environment and bolstering the role of the private sector, increasing Egyptian exports, bolstering domestic savings, implementing economic digitisation, and ensuring equality in localising needed reforms between governorates.