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This report summarizes Egypt's recent economic progress, highlights key opportunities and challenges currently facing its government and people, and outlines a strategy for securing its future prosperity on the brink of a new millennium. On the external front, it emphasizes reforming the trade regime, boosting exports, and entering into a partnership agreement with the European Union. On the domestic front, it outlines a range of structural reforms to promote higher savings and productive investment and policies to ensure that macroeconomic stability is maintained.
Book Synopsis Egypt in the Global Economy by :
Download or read book Egypt in the Global Economy written by and published by World Bank Publications. This book was released on 1998 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report summarizes Egypt's recent economic progress, highlights key opportunities and challenges currently facing its government and people, and outlines a strategy for securing its future prosperity on the brink of a new millennium. On the external front, it emphasizes reforming the trade regime, boosting exports, and entering into a partnership agreement with the European Union. On the domestic front, it outlines a range of structural reforms to promote higher savings and productive investment and policies to ensure that macroeconomic stability is maintained.
Although the global economy is forecasted to shrink by 4.4 percent in 2020 (IMF 2020), the Egyptian economy is proving resilient to the immense human and financial costs caused by the global COVID-19 pandemic. This resilience is mainly explained by the successful implementation of the economic reform program since 2016 that provided more fiscal space to withstand the adverse impact of the COVID-19 crisis. However, that Egypt’s economy is holding up is also due to the rapid response and proactive measures to limit the impact of the virus that were implemented by the Egyptian Government since March 2020 (MPED 2020). These enabled the country to avoid a full lockdown policy (Figure 1). While Egypt posted negative economic growth rates from April to June 2020 at the height of the crisis, overall economic growth was still positive at 3.6 percent for fiscal year (FY) 2019/20. This estimate is only slightly lower than the initial projection of the impact of the pandemic on Egypt’s economy of an annual economic growth equal to 3.8 percent, as estimated by staff of the International Food Policy Research Institute (IFPRI) and the Ministry of Planning and Economic Development (MPED) (Breisinger et al. 2020). The deviation between the early and final estimate can be mainly explained by the lower than expected growth rates in the manufacturing and health services sectors and the better than expected performance of the trade and transport sectors.
Book Synopsis COVID-19 and the Egyptian Economy: From reopening to recovery: Alternative pathways and impacts on sectors, jobs, and households by : Breisinger, Clemens
Download or read book COVID-19 and the Egyptian Economy: From reopening to recovery: Alternative pathways and impacts on sectors, jobs, and households written by Breisinger, Clemens and published by Intl Food Policy Res Inst. This book was released on 2020-11-24 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the global economy is forecasted to shrink by 4.4 percent in 2020 (IMF 2020), the Egyptian economy is proving resilient to the immense human and financial costs caused by the global COVID-19 pandemic. This resilience is mainly explained by the successful implementation of the economic reform program since 2016 that provided more fiscal space to withstand the adverse impact of the COVID-19 crisis. However, that Egypt’s economy is holding up is also due to the rapid response and proactive measures to limit the impact of the virus that were implemented by the Egyptian Government since March 2020 (MPED 2020). These enabled the country to avoid a full lockdown policy (Figure 1). While Egypt posted negative economic growth rates from April to June 2020 at the height of the crisis, overall economic growth was still positive at 3.6 percent for fiscal year (FY) 2019/20. This estimate is only slightly lower than the initial projection of the impact of the pandemic on Egypt’s economy of an annual economic growth equal to 3.8 percent, as estimated by staff of the International Food Policy Research Institute (IFPRI) and the Ministry of Planning and Economic Development (MPED) (Breisinger et al. 2020). The deviation between the early and final estimate can be mainly explained by the lower than expected growth rates in the manufacturing and health services sectors and the better than expected performance of the trade and transport sectors.
Egypt’s recent economic success will almost certainly be interrupted by the COVID-19 pandemic. We examine the likely impact on the Egyptian economy of a significant reduction in tourism, payments received from the Suez Canal, and remittances from Egyptians working abroad because of the slowdown in the global economy due to the COVID-19 virus. Our results suggest that COVID-19 could reduce national GDP by between 0.7 and 0.8 percent (EGP 36 to 41 billion) for each month that the global crisis continues. Similarly, household consumption and expenditure is estimated to decline on average by between EGP 153 and EGP 180 per person per month, which is between 9.0 and 10.6 percent of average household income. The cumulative loss in GDP from these three external shocks alone could amount to between 2.1 and 4.8 percent of annual GDP in 2020 if the crisis lasts for 3 to 6 months. While the country’s focus currently is rightly on fighting the health crisis and mitigating its immediate impacts, planning on how to re-open the economy should also start now.
Book Synopsis COVID-19 and the Egyptian economy: Estimating the impacts of expected reductions in tourism, Suez Canal revenues, and remittances by : Breisinger, Clemens
Download or read book COVID-19 and the Egyptian economy: Estimating the impacts of expected reductions in tourism, Suez Canal revenues, and remittances written by Breisinger, Clemens and published by Intl Food Policy Res Inst. This book was released on 2020-04-01 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: Egypt’s recent economic success will almost certainly be interrupted by the COVID-19 pandemic. We examine the likely impact on the Egyptian economy of a significant reduction in tourism, payments received from the Suez Canal, and remittances from Egyptians working abroad because of the slowdown in the global economy due to the COVID-19 virus. Our results suggest that COVID-19 could reduce national GDP by between 0.7 and 0.8 percent (EGP 36 to 41 billion) for each month that the global crisis continues. Similarly, household consumption and expenditure is estimated to decline on average by between EGP 153 and EGP 180 per person per month, which is between 9.0 and 10.6 percent of average household income. The cumulative loss in GDP from these three external shocks alone could amount to between 2.1 and 4.8 percent of annual GDP in 2020 if the crisis lasts for 3 to 6 months. While the country’s focus currently is rightly on fighting the health crisis and mitigating its immediate impacts, planning on how to re-open the economy should also start now.
Book Synopsis Economic Reform in Egypt in a Changing Global Economy by : Joseph Licari
Download or read book Economic Reform in Egypt in a Changing Global Economy written by Joseph Licari and published by . This book was released on 1997 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Drawing on Khalid Ikram's extensive knowledge of economic policymaking at the highest levels, The Political Economy of Reforms in Egypt lays out the enduring features of the Egyptian economy and its performance since 1952 before presenting an account of policy-making, growth and structural change under the country's successive presidents to the present day.
Book Synopsis The Political Economy of Reforms in Egypt by : Khalid Ikram
Download or read book The Political Economy of Reforms in Egypt written by Khalid Ikram and published by Oxford University Press. This book was released on 2018 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on Khalid Ikram's extensive knowledge of economic policymaking at the highest levels, The Political Economy of Reforms in Egypt lays out the enduring features of the Egyptian economy and its performance since 1952 before presenting an account of policy-making, growth and structural change under the country's successive presidents to the present day.
Book Synopsis Economic Reform in Egypt in a Changing Global Economy by :
Download or read book Economic Reform in Egypt in a Changing Global Economy written by and published by . This book was released on 1997 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
The history of capitalism in Egypt has long been synonymous with cotton cultivation and dependent development. From this perspective, the British occupation of 1882 merely sealed the country's fate as a vast plantation for European textile mills. All but obscured in such accounts, however, is Egypt's emergence as a colonial laboratory for financial investment and experimentation. Egypt's Occupation tells for the first time the story of that financial expansion and the devastating crises that followed. Aaron Jakes offers a sweeping reinterpretation of both the historical geography of capitalism in Egypt and the role of political-economic thought in the struggles that raged over the occupation. He traces the complex ramifications and the contested legacy of colonial economism, the animating theory of British imperial rule that held Egyptians to be capable of only a recognition of their own bare economic interests. Even as British officials claimed that "economic development" and the multiplication of new financial institutions would be crucial to the political legitimacy of the occupation, Egypt's early nationalists elaborated their own critical accounts of boom and bust. As Jakes shows, these Egyptian thinkers offered a set of sophisticated and troubling meditations on the deeper contradictions of capitalism and the very meaning of freedom in a capitalist world.
Book Synopsis Egypt's Occupation by : Aaron G. Jakes
Download or read book Egypt's Occupation written by Aaron G. Jakes and published by Stanford University Press. This book was released on 2020-08-25 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: The history of capitalism in Egypt has long been synonymous with cotton cultivation and dependent development. From this perspective, the British occupation of 1882 merely sealed the country's fate as a vast plantation for European textile mills. All but obscured in such accounts, however, is Egypt's emergence as a colonial laboratory for financial investment and experimentation. Egypt's Occupation tells for the first time the story of that financial expansion and the devastating crises that followed. Aaron Jakes offers a sweeping reinterpretation of both the historical geography of capitalism in Egypt and the role of political-economic thought in the struggles that raged over the occupation. He traces the complex ramifications and the contested legacy of colonial economism, the animating theory of British imperial rule that held Egyptians to be capable of only a recognition of their own bare economic interests. Even as British officials claimed that "economic development" and the multiplication of new financial institutions would be crucial to the political legitimacy of the occupation, Egypt's early nationalists elaborated their own critical accounts of boom and bust. As Jakes shows, these Egyptian thinkers offered a set of sophisticated and troubling meditations on the deeper contradictions of capitalism and the very meaning of freedom in a capitalist world.
A multi-faceted account of Egyptian economic development by nineteen internationally recognized authorities and the critical challenges the economy is likely to face in the next twenty years The Egyptian Economy in the Twenty-first Century addresses the question of why Egypt, despite possessing a plethora of assets—such as a fertile agriculture, a strategic geographic location, oil and gas deposits, innumerable tourist sites, a labor force prized by regional countries, and a diaspora that remits large amounts of funds—has seldom performed to its economic potential during the last sixty years. Indeed, economic weakness created political weakness, and often exposed the country to foreign diktats. What should the country do to change this state of affairs? Nineteen internationally recognized authorities on the Egyptian economy discuss the critical challenges that the Egyptian economy is likely to face in the next two to three decades, challenges which must be overcome in order to improve the life of Egypt’s citizens and to protect the country from external pressures. Their analyses cover population and employment; development strategies; principal macroeconomic issues; development of a digital economy; fiscal and monetary matters; the external sector; poverty and income distribution; the enterprise structure; higher education; water availability; urbanization; institutional performance; and many others. Contributors: - Gouda Abdel Khalek, Cairo University, Cairo, Egypt - Khaled M. Abu-Zeid, Regional Water Resources, CEDARE (Center for Environment and Development for the Arab Region and Europe), Cairo, Egypt. - Fatma El Ashmawy, World Bank. - Ragui Assaad, University of Minnesota, Twin Cities of Minneapolis and Saint Paul, Minnesota, USA - Izak Atiyas, Economic Research Forum, Cairo, Egypt. - Marwa Biltagy, Cairo University, Cairo, Egypt. - Lahcen Bounader, International Monetary Fund. - Ishac Diwan, École Normale Supérieure, Paris, France. - Ahmed Ghoneim, Cairo University, Cairo, Egypt. - Khalid Ikram, Washington DC, USA. - Karima Korayem, al-Azhar University, Cairo, Egypt. - Heba el-Laithy, Cairo University, Cairo, Egypt. - Noha el-Mikawy, Ford Foundation, Middle East and North Africa, Cairo, Egypt. - Mohamed Mohieddin, Menoufia University, Menoufia, Egypt. - Heba Nassar, Cairo University, Cairo, Egypt. - Osman Mohamed Osman, Cairo, Egypt. - Noha Razek, University of Regina, Regina, Saskatchewan, Canada. - David Sims, Cairo, Egypt. - John Waterbury, Princeton, New Jersey.
Book Synopsis The Egyptian Economy in the Twenty-first Century by : Khalid Ikram
Download or read book The Egyptian Economy in the Twenty-first Century written by Khalid Ikram and published by American University in Cairo Press. This book was released on 2022-11-29 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: A multi-faceted account of Egyptian economic development by nineteen internationally recognized authorities and the critical challenges the economy is likely to face in the next twenty years The Egyptian Economy in the Twenty-first Century addresses the question of why Egypt, despite possessing a plethora of assets—such as a fertile agriculture, a strategic geographic location, oil and gas deposits, innumerable tourist sites, a labor force prized by regional countries, and a diaspora that remits large amounts of funds—has seldom performed to its economic potential during the last sixty years. Indeed, economic weakness created political weakness, and often exposed the country to foreign diktats. What should the country do to change this state of affairs? Nineteen internationally recognized authorities on the Egyptian economy discuss the critical challenges that the Egyptian economy is likely to face in the next two to three decades, challenges which must be overcome in order to improve the life of Egypt’s citizens and to protect the country from external pressures. Their analyses cover population and employment; development strategies; principal macroeconomic issues; development of a digital economy; fiscal and monetary matters; the external sector; poverty and income distribution; the enterprise structure; higher education; water availability; urbanization; institutional performance; and many others. Contributors: - Gouda Abdel Khalek, Cairo University, Cairo, Egypt - Khaled M. Abu-Zeid, Regional Water Resources, CEDARE (Center for Environment and Development for the Arab Region and Europe), Cairo, Egypt. - Fatma El Ashmawy, World Bank. - Ragui Assaad, University of Minnesota, Twin Cities of Minneapolis and Saint Paul, Minnesota, USA - Izak Atiyas, Economic Research Forum, Cairo, Egypt. - Marwa Biltagy, Cairo University, Cairo, Egypt. - Lahcen Bounader, International Monetary Fund. - Ishac Diwan, École Normale Supérieure, Paris, France. - Ahmed Ghoneim, Cairo University, Cairo, Egypt. - Khalid Ikram, Washington DC, USA. - Karima Korayem, al-Azhar University, Cairo, Egypt. - Heba el-Laithy, Cairo University, Cairo, Egypt. - Noha el-Mikawy, Ford Foundation, Middle East and North Africa, Cairo, Egypt. - Mohamed Mohieddin, Menoufia University, Menoufia, Egypt. - Heba Nassar, Cairo University, Cairo, Egypt. - Osman Mohamed Osman, Cairo, Egypt. - Noha Razek, University of Regina, Regina, Saskatchewan, Canada. - David Sims, Cairo, Egypt. - John Waterbury, Princeton, New Jersey.
Over the last ten years the Egyptian economy has undergone a major transformation which has led to greater decentralisation and international competition. This transformation, along with changing circumstances in the surrounding Arab areas and the end of hostilities with Israel, has given a boost to the Egyptian economy. Without underestimating the obstacles that still stand in the way of sustained economic growth and development, this book foresees a more optimistic outlook for Egypt than do other such studies carried out by international organisations such as the World Bank. Egypt’s Economic Potential argues that the main problem facing the Egyptian economy is that the government must resort to expensive public expenditure policies, in particular subsidising foodstuffs, in order to maintain the political consensus. This creates a savings gap which prevents the authorities from channelling savings towards financing the projects which will cerate economic growth. However, the book suggests that because the present regime is fundamentally stable and even further change at the top would be unlikely to alter the institutional framework of the country, the Egyptian economy has the potential for stable and rapid growth.
Book Synopsis Egypt's Economic Potential (RLE Egypt) by : Roberto Aliboni
Download or read book Egypt's Economic Potential (RLE Egypt) written by Roberto Aliboni and published by Routledge. This book was released on 2012-11-23 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last ten years the Egyptian economy has undergone a major transformation which has led to greater decentralisation and international competition. This transformation, along with changing circumstances in the surrounding Arab areas and the end of hostilities with Israel, has given a boost to the Egyptian economy. Without underestimating the obstacles that still stand in the way of sustained economic growth and development, this book foresees a more optimistic outlook for Egypt than do other such studies carried out by international organisations such as the World Bank. Egypt’s Economic Potential argues that the main problem facing the Egyptian economy is that the government must resort to expensive public expenditure policies, in particular subsidising foodstuffs, in order to maintain the political consensus. This creates a savings gap which prevents the authorities from channelling savings towards financing the projects which will cerate economic growth. However, the book suggests that because the present regime is fundamentally stable and even further change at the top would be unlikely to alter the institutional framework of the country, the Egyptian economy has the potential for stable and rapid growth.
Egypt has undergone significant economic liberalization under the auspices of the International Monetary Fund, the World Bank, USAID, and the European Commission. Yet after more than four decades of economic reform, the Egyptian economy still fails to meet popular expectations for inclusive growth, better standards of living, and high-quality employment. While many analysts point to cronyism and corruption, Amr Adly finds the root causes of this stagnation in the underlying social and political conditions of economic development. Cleft Capitalism offers a new explanation for why market-based development can fail to meet expectations: small businesses in Egypt are not growing into medium and larger businesses. The practical outcome of this missing middle syndrome is the continuous erosion of the economic and social privileges once enjoyed by the middle classes and unionized labor, without creating enough winners from market making. This in turn set the stage for alienation, discontent, and, finally, revolt. With this book, Adly uncovers both an institutional explanation for Egypt's failed market making, and sheds light on the key factors of arrested economic development across the Global South.
Book Synopsis Cleft Capitalism by : Amr Adly
Download or read book Cleft Capitalism written by Amr Adly and published by Stanford University Press. This book was released on 2020-06-09 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: Egypt has undergone significant economic liberalization under the auspices of the International Monetary Fund, the World Bank, USAID, and the European Commission. Yet after more than four decades of economic reform, the Egyptian economy still fails to meet popular expectations for inclusive growth, better standards of living, and high-quality employment. While many analysts point to cronyism and corruption, Amr Adly finds the root causes of this stagnation in the underlying social and political conditions of economic development. Cleft Capitalism offers a new explanation for why market-based development can fail to meet expectations: small businesses in Egypt are not growing into medium and larger businesses. The practical outcome of this missing middle syndrome is the continuous erosion of the economic and social privileges once enjoyed by the middle classes and unionized labor, without creating enough winners from market making. This in turn set the stage for alienation, discontent, and, finally, revolt. With this book, Adly uncovers both an institutional explanation for Egypt's failed market making, and sheds light on the key factors of arrested economic development across the Global South.