Harvard report ranks Egypt 3rd fastest growing economy

A recent Harvard report has ranked Egypt as the world's third fastest growing economy in the coming decade after India and Uganda.

The Global Growth Projections report, which was released by the Center for International Development (CID) at Harvard University on Thursday, expects Egypt's annual economic growth to reach 6.63 percent by 2026.

In Africa, Egypt is ranked second after Uganda. The annual economic growth is forecast to hit 7.46 percent, according to the report.

"The growth projections are based on Economic Complexity, a single measure of each country's economy which captures the diversity and sophistication of the productive capabilities embedded in a country's exports," said the report.

"Actually, Harvard's report is even below Egypt's desired growth that is taking good steps according to all indicators," Rashad Abdo, an economics professor at Cairo University and head of the Egyptian Forum for Economic and Strategic Studies, told Xinhua.

Achieving the 6.63-percent annual economic growth is easily manageable in normal circumstances considering Egypt's improving security conditions and recovering tourism sector, he explained.