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Egypt is worlds 2nd flexible emerging economy

The Bloomberg report placed Egyptian economy 2nd after Philippines out of 21 emerging economies in flexibility against global trade wars.
© Bloomberg Live TV
The Egyptian Cabinet released a statement on Monday commenting on the report. The Cabinet said that Egypt's economy stays strong despite the threats of global trade wars and that's what has earned it its place in the ranking.

The Cabinet added that the economy has made significant improvements that are evident by Bloomberg choosing the Egyptian pound as the 2nd best currency of 2019 for its performance against the US Dollar.

In Q3 the Egyptian GDP growth for 2018/2019 fiscal year reached up to 5.6%. This, accompanied with an increase in foreign reserves reaching $44.3 billion meant that Egypt's economy is on the right track.

This year also witnessed the best credit rating Egypt has had since 2011 supporting by an upgraded rating from Moody's, Fitch and Standard and Poor's.

Bloomberg ranked economies in this report based in GDP growth rate, currency performance against international currencies, credit rating, account performance and foreign exchange reserves.