IMF: Egypt's Economy "Second Largest" in Arab World

Despite the challenges that the global economy faces, Egypt is one of the largest Arab economies in terms of Gross Domestic Product (GDP).

The International Monetary Fund (IMF) announced that the Egyptian economy continued to outperform many economies in the region, to rise to the second place among the largest economies in the Arab world in 2020, after Saudi Arabia, surpassing the oil-based economies, including the UAE, Iraq and Qatar.

In a report on Tuesday, the Fund stated that the size of the Egyptian economy reached $361.8 billion, as the second largest Arab economy last year.

It explained that the total size of the 19 countries' economies, which were monitored by the Fund amounted to $2.4 trillion, topped by the Saudi economy with a value of $701.5 billion. The report added that the UAE economy came in third place after the Egyptian economy with a value of $ 354.3 billion, then the Iraqi economy ranked fourth with a value of $ 172.1 billion.

Qatar came in fifth spot with a value of $146.1 billion, followed by the Algeria with $144.3 billion, ranking sixth. The IMF indicated that the Moroccan economy ranked seventh with a value of $113.5 billion, followed by the Kuwaiti economy at $107.9 billion.

The Omani economy reported a GDP of $63.2 billion, followed by the Jordanian economy at $43.5 billion, and the Tunisian economy at $39.6 billion.

Moreover, the size of the Sudanese economy reached $34.4 billion, followed by the Bahraini economy at $33.9 billion.

In 2020, the Libyan economy reached $21.8 billion in GDP, and the Yemeni economy reported $20.1 billion. Finally, The Lebanese economy recorded a GDP of $19.1 billion, and the Palestinian $15.5 billion.

Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.