US-based news agency Bloomberg has reported that Egypt’s recovery from the ordeal of the ongoing Coronavirus hit turned it into one of the world’s 10 fastest growing economies in 2020, thanks to the economic reform program, Invest-Gate reports.
Among the 54 African countries, at least five of Ethiopia, Uganda, Ivory Coast, Egypt, Ghana, Rwanda, and Kenya are set to remain in that elite growth club through 2022, according to forecasts by economists compiled by Bloomberg during the past three months.
That is “partly because the deadly virus may have improved its competitive advantage because it has accelerated its transformation over a decade from exporting natural resources to centers that have engaged in remote work activities,” read Bloomberg’s latest report.
It seems that the North African nation is also outperforming its neighboring peers when it comes to most recent data by the International Monetary Fund (IMF), as it indicates that Egypt is the fourth best-performing economy in the world this year.
Further, the IMF expects the country’s economy to grow 3.5% by the end 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%.