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Article by: mark@worldwidepropertylink.com (Mark Stephen) Published: 10/03/2011

Citigroup has recently issued a report affirming its optimism over Egypt's economic performance and its potential for robust growth over the next 40 years, which would make Egypt one of the world's most important emerging markets

CitiGroup upbeat on economic growth – Report

Date: 3/10/2011

CitiGroup has recently issued a report affirming its optimism over Egypt’s economic performance and its potential for robust growth over the next 40 years, which would make Egypt one of the world’s most important emerging markets.

In its report, CitiGroup ranks Egypt as one of the most important economies among the bank called G3 (global growth generators), which include China, India, Indonesia, Iraq, Mongolia, Nigeria, Philippines and Vietnam. The authors of the report said all the elements to attract investment are still found in Egypt and are set to grow now that Egypt has begun a new chapter.

CitiGroup expects the predominance of democracy and transparency, for the sake of which the Egyptian Revolution happened, would lead to more investment opportunities and the adoption of a raft of long-range and comprehensive economic reforms to enable Egypt’s economy to achieve an average 5 percent growth until 2050, the report said.

In a press statement by the bank on the report yesterday, Aftab Ahmed, Citi Egypt Country Officer said: “We affirm CitiGroup’s commitment to the Egyptian market and its eagerness to share in boosting economic development in the country, especially after the huge developments that Egypt has witnessed.

"It is anticipated that in this climate of political stability more investors will be heading to benefit from the expected opportunities for growth in the Egyptian market, which embraces 80 million consumers who are looking forward to becoming part of the global economy.”

One of the promising potentials for Egypt highlighted by CitiGroup was the expected rise in Egypt’s population from 84.4 million in 2010 to 129.5 million by 2050, in addition to the expected 8.6 percent rise in the country’s workforce, and the rise in demand and consumption on the local market as well as continued efforts for infrastructure development in Egyptian society.

Source: El Ahram Daily (10-3-2011)

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