Egypt’s Economy: The Agony Continues

Source: The Moshe Dayan Center For Middle Eastern And African Studies
Author(s): Paul RIvlin

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With the expansion of the Suez Canal in August 2015, and the discovery of large reserves of natural gas in the Egyptian Mediterranean, there was a wave of optimism about the Egyptian economy (See: “The Good News from Egypt – and the Bad,” Iqtisadi, September 25, 2015). This has dissipated and the economic indicators look bad. Tourism has been badly affected by terrorism, including the downing of a Russian plane over the Sinai in November 2015. National income per capita may well have fallen as a result of the acceleration of population growth and a weak economy: unemployment has increased as has inflation (See Figure 1). Why has demographic growth accelerated and what has happened to the Egyptian economy?…

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