26 January 2021 11:02 AM

Egypt among world’s 10 fastest-growing economies in 2020 - Blomberg

Saturday، 05 December 2020 - 10:26 AM

Egypt has withstood the economic impact of the coronavirus pandemic so successfully that it was among the world’s 10 fastest-growing in 2020, Blomberg said.

At least five of Ethiopia, Uganda, Ivory Coast, Egypt, Ghana, Rwanda and Kenya are expected to remain in that elite growth club through 2022, according to forecasts by economists compiled by Bloomberg during the past three months.

"African economies will probably have outperformed the rest of the world during the coronavirus pandemic. Africa's 54 countries now include seven of the globe's 10 fastest-growing economies, in part because the lethal virus may have improved their competitive advantage as they accelerated their decade-long transformation from exporters of natural resources to hubs of wireless, remotely engaged commerce", Bloomberg said in a fresh report.

"The transition to technology-driven, 21st-century business in a region where people are younger than anywhere else is reflected in the changing landscape of the 1,300 publicly traded companies that make up corporate Africa. Communications firms have become a robust presence, making up 29% of the total market capitalization of the continent in 2020 compared to 13% a decade earlier, according to data compiled by Bloomberg. Materials and energy, the region's benchmarks since colonial times, declined to 23% from 34% during the same period," the report read.

MENA

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