Egypt ranks third on Forbes Middle East’s list of the largest economies in the Arab world, with total GDP expected to rise to $ 394.3 billion in 2021, compared to $ 361.8 billion a year 2020.
Egypt has fallen to third place behind the UAE, which moved up to second place with projected total GDP of $ 401.5 billion in 2021, up from $ 354.3 billion in 2020.
Saudi Arabia maintained its position as the largest economy in the Arab region with an expected total GDP of $ 804.9 billion in 2021, up from $ 701.5 billion in 2020.
Iraq retained its place in fourth place with an expected GDP of $ 190.7 billion in 2021, up from $ 172.12 billion in 2020.
On Thursday, the Egyptian Ministry of International Cooperation announced that the country ranks fourth on the Economist’s “Normality Index” with an index of 88.7 and is tracking behavioral changes due to the COVID-19 pandemic, which are emerging as a result of the socio-economic challenges that the world experienced in the world had an impact on the global economy in 2020.
Egypt’s Minister for International Cooperation, Rania Al-Mashat, stated that the index includes 50 of the largest economies in the world, which account for 90 percent of global GDP and 76 percent of the world’s population, adding that Egypt’s ranking is the country’s resilience to the COVID-19 pandemic and the serious effects that it will have.
Real GDP growth in Egypt is expected to recover significantly to 5.2 percent in the current FY 2021/2022, compared to the forecast 2.8 percent for FY 2020/2021, according to Celin Allard, head of the International’s mission Monetary Fund for Egypt. by agreement (SBA) program.
Allard spoke out during a press conference in June marking the completion of Egypt’s 12-month SBA loan program.
Under the program, Egypt secured a $ 5.4 billion loan to help the country meet the challenges of the coronavirus by meeting its balance of payments needs, reducing the budget deficit and building on the achievements of the past four years in Framework of the economic reform program and provision of funds for the implementation of the second wave of economic reforms in Egypt.