PwC, one of the world’s biggest professional services networks, has just released the report “The World in 2050“, where it predicted 32 most powerful economies in 2050 by GDP ranking (at PPPs). The results showed that emerging markets are gaining strength and are showing up on the world economical arena. Two Middle Eastern countries were presented in the list of 32: Saudi Arabia and Egypt. Saudi Arabia, ranked 15 in 2016, is predicted to get to 13th place and Egypt, ranked 21, is jumping to the 15th, overtaking South Korea, Italy and Canada.
Egypt is making stable and liberate steps achieving the economical growth after the political crisis of 2011. Being a centre of the ancient civilisation, Egypt attracts visitors and investors. The country is exporting oil and gas. Stable relationships with Europe, geographical location and positive predictions make Egypt attractive for businesses. Challenges include bureaucracy and tricky infrastructure, that government promised to be solving.
# Saudi Arabia
Saudi Arabia is the 1st world oil exporter and 2nd world producer. Despite political critic and negative short-term prognoses, Saudi Arabia is planning to invest more in the private sector of economy, increase non-oil profit and involve women in the workplace as part of the kingdom’s Vision 2030.
Are you already thinking about investing in the Middle East?