According to Trading Economics global macro models and analysts, Egypt’s GDP is predicted to reach 280.00 USD billion by the end of 2021. According to our econometric models, Egypt’s GDP will trend at 340.00 USD billion in 2022.
Is Egypt a developing nation?
Despite its status as a middle-income country, Egypt is confronted with a number of long-standing development issues. According to HIECS data, Egypt’s income poverty rate climbed from 27.8% in 2015 to 32.5 percent in 2018, with 32 million individuals living below the national poverty threshold.
Is Egypt a wealthy country?
**#8 According to the AfrAsia Bank’s Africa Wealth Report 2018, Egypt is Africa’s second wealthiest country in terms of total wealth, but it ranks sixth in terms of wealth per capita (pdf). South Africa was the wealthiest country on the continent. The Mauritius-based bank’s analysis delves into “Trends in Africa’s wealth, luxury, premier real estate, and wealth management.” According to the research, Africa’s luxury sector was valued USD 6 billion in 2017, and included high-end automobiles, private planes, yachts, hotels, and luxury clothing and accessories. According to the report, Egypt’s luxury sector is valued only USD 0.3 billion, compared to USD 2.2 billion in South Africa. With a combined worth of USD 140 billion, Cairo is the third richest city in Africa. With USD 276 billion and USD 155 billion, respectively, Johannesburg and Cape Town are at the top of the list.
“Approximately USD 140 billion of African HNWI wealth is related to wealth managers and private banks,” the report says, adding, “we believe the African wealth management market will increase at a rate of roughly 7% per year over the next ten years.”
Take it all with a generous pinch of salt: The paper is entertaining to read, since it delves into the top luxury brands reportedly owned by the continent’s 1% (with no figures or market share). It is also completely opaque regarding its data sources and methodology, nearly always using data from New World Wealth, which touts itself as a wealth management firm “South African-based “global market research group”
Is Egypt a third-world country?
Venezuela, the Philippines, and Egypt were all classified as third-world countries during the Cold War. Somalia, Honduras, and Nepal are examples of modern developing countries.
What is the number of billionaires in Egypt?
Finally, the number of Egyptian billionaires has decreased, from eight in 2014 to six in 2018 and 2019: the Sawiris family, the Mansour family, and Mohamed Al Fayed. In comparison, North America has 758 billionaires and the Middle East has 210 billionaires.
Is Egypt a gold-rich country?
Egypt is a gold-rich country, and ancient gold miners who used conventional methods were meticulous in their pursuit of commercially viable sources. Egypt had access to the wealth of Nubia, which is reflected in its ancient name, nbw, in addition to the resources of the Eastern Desert (the Egyptian word for gold).
Who is Africa’s colossus?
Since the second millennium BC, Nigeria has been home to various indigenous pre-colonial nations and kingdoms, with the Nok civilization in the 15th century BC being the country’s first internal union. The contemporary state arose from British colonialization in the nineteenth century, and Lord Lugard’s merger of the Southern and Northern Nigeria Protectorates in 1914 gave it its current territorial configuration. In the Nigerian region, the British established administrative and legal institutions while exercising indirect rule through traditional chiefdoms. On October 1, 1960, Nigeria became a formally independent federation. It went through a civil war from 1967 to 1970, then a series of democratically elected civilian governments and military dictatorships until establishing a stable democracy in the presidential election of 1999; the 2015 election was the first time an incumbent president lost re-election.
Nigeria is a multicultural country with over 250 ethnic groups speaking 500 different languages and identifying with a diverse range of cultures. The Hausa in the north, Yoruba in the west, and Igbo in the east are the three major ethnic groupings, accounting for about 60% of the total population. The official language is English, which was chosen to promote linguistic harmony across the country. Nigeria’s constitution guarantees religious freedom, and the country is home to some of the world’s largest Muslim and Christian populations. Nigeria is roughly divided into two halves, with Muslims in the north and Christians in the south; indigenous religions, such as those of the Igbo and Yoruba ethnic groups, are in the minority.
Nigeria is a growing global power, a regional force in Africa, and a middling power in international affairs. Nigeria’s economy is the largest in Africa, as well as the world’s 25th largest by nominal GDP and PPP. Nigeria is known as the “Giant of Africa” due to its massive population and economy, and the World Bank classifies it as an emerging market. However, the country has a poor Human Development Index and is still one of the world’s most corrupt countries. Nigeria is a founding member of the African Union, as well as the United Nations, the Commonwealth of Nations, NAM, the Economic Community of West African States, and OPEC. It is also one of the Next Eleven economies and a member of the informal MINT group of countries.