Capital Economics Views Benefits From Expanded Suez Canal As 'Unlikely To Happen'

On Thursday the Egyptian government will be opening it's newest waterway expansion of the Suez Canal.  The goal of the expansion is to double waterway traffic by 2023 which would drive increasing Egyptian exports and GDP growth according to Capital Economics.
That expectation may be too bullish given the historical strong relationship between Suez Traffic and World Trade volumes:

The growth since 2002 to 2008 on the chart roughly matches the trajectory required for Egypt to meet it's goals.  The problem at hand is that the growth the early 2000s was driven by the inclusion of emerging markets into the global supply chain according to Capital Economics and this means an equal trajectory through 2023 'seems extremely unlikely to happen.'