Sunday, May 15, 2011
Conclusion
Before Egypt was interrupted with protests and a new start to the government, it was making a slight come back within the GDP of other countries. The increase for 2010 was a 7% incline. With the economic recession around the world, I do not believe that Egypt will have such high results as 2010 in earnings. However, I believe that with the influence of the new government, Egypt should be exciting to watch and grow- for it is of such high importance and major influence around the world.
CIA World Factbook view on the economy of Egypt
Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. The global financial crisis slowed the reform efforts. The budget deficit climbed to over 8% of GDP and Egypt's GDP growth slowed to 4.6% in 2009, predominately due to reduced growth in export-oriented sectors, including manufacturing and tourism, and Suez Canal revenues. In 2010, the government spent more on infrastructure and public projects, and exports drove GDP growth to more than 5%, but GDP growth in 2011 is unlikely to bounce back to pre-global financial recession levels, when it stood at 7%. Despite the relatively high levels of economic growth over the past few years, living conditions for the average Egyptian remain poor. | |
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