Global Economy

American “Bloomberg” agency: Egypt is among the 10 most powerful economies in the world in 2020

The American (Bloomberg) News Agency stated that Egypt is among the 10 most powerful economies in the world in 2020, and has so far managed to overcome the ordeal of the emerging Corona virus pandemic.

The US agency added – in a report, today, Friday, on its website – that the Corona virus helped African countries compete, and that African economies had surpassed the rest of the world during the Corona virus pandemic, and that among the 54 African countries there are now 7 economies to be considered among the world’s top ten fastest growing “Ethiopia, Uganda, Ivory Coast, Egypt, Ghana, Rwanda and Kenya”, in part because the deadly virus may have improved its competitive advantage because it accelerated its transformation over a decade from exporting natural resources to centers engaged in business activities. distance.

The transition to technology-driven 21st century business in a region where people are younger than anywhere is reflected in the changing landscape of 1,300 listed companies that shapes companies in Africa, and telecom companies have developed a strong presence that totals for 29% of the total value of the continent’s market value for companies in 2020 compared to 13% a decade ago, the materials and energy sectors, which have remained the benchmarks for the region since the colonial era, fell to 23% from 34% during the same period.

Africa also succeeded in fending off the pandemic better than many developing regions, and by mid-November in some of the continent’s largest countries – South Africa, Nigeria and Ethiopia – had receded to its lowest levels since April and May, according to data from Johns Hopkins University.

The report showed that the economies of (Ethiopia, Uganda, Ivory Coast, Egypt, Ghana, Rwanda and Kenya) have withstood the economic effects of the pandemic, to the point that they were among the 10 fastest growing economies in the world during 2020.

According to the data available on the official website of the International Monetary Fund, Egypt is the fourth best performing economy in the world this year, as the institution expects that the country’s economy will grow by 3.5% over the course of the whole of 2020, while Nigeria has the best performing stock market in the world this year. Among the 93 major stock markets in the world, the Nigerian Stock Exchange Index of all 153 companies ranked first, with a total return of 27%.

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