Standard Chartered: Egypt to Rank 7th Largest Economy by 2030

By: Yassmine ElSayed

CAIRO, Jan. 8 (SEE)- A new report published by Standard Chartered bank expected Egypt to rank as the 7th largest economy in the world by 2030 , and will precede Russia, Japan and Germany.

the report predicted that seven of the world’s top 10 economies by 2030 will likely be current emerging markets.

The prediction for a shake-up of the world’s gross domestic product rankings comes in new long-term forecasts by Standard Chartered Plc, which includes a projection for China to become the largest economy by 2020, using purchasing power parity exchange rates and nominal GDP.

India will likely be larger than the U.S. in the same time period while Indonesia will break into the top 5 economies.

They projected a trend growth for India to accelerate to 7.8 percent by the 2020s while China’s will moderate to 5 percent by 2030 reflecting a natural slowdown given the economy’s size.

Asia’s share of global GDP, which rose to 28 percent last year from 20 percent in 2010, will likely reach 35 percent by 2030 -- matching that of the euro area and U.S. combined.

Another finding from Standard Chartered’s economists that the middle-class is at a tipping point, with a majority of the world’s population entering that income group by 2020 .