Egypt’s Ad Hoc Economy

Source: Carnegie Endowment
Author(s): Mohamed ElMeshad

Original Link:

President Abdel Fattah el-Sisi has portrayed himself as a figure who could bring not only political but also economic stability. His government periodically outlines broad economic plans, most recently the 2016-17 budget put forth by Prime Minister Sherif Ismail in March, which set three priorities of closing down the fiscal deficit, increasing investments, and engaging in more efficient welfare spending. However, while these priorities constitute a part of an economic plan, they do not form a vision for the economy, particularly given that the 2011 revolution was based largely on the deteriorating state of its middle and lower economic classes. Rather than addressing persistent economic problems like the growing income gap, Sisi’s statements and policies have steered clear of specifics in favor of emotive and patriotic rhetoric, especially in promoting mega-projects he hopes will boost Egypt’s attractiveness to foreign investors….

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