Source: Middle East Institute
Author(s): Sameena Hameed
Though the Egyptian economy during the Mubarak regime registered one of the highest growth rates in decades in the years before the Arab uprising, the fault lines were deep.Over time, rising inequality, endemic corruption and other problems had generated widespread discontent. The series of labor strikes that occurred well before the revolution were symptomatic of the roiling tension.
However, six years after the fossilized authoritarian regime of Hosni Mubarak was swept from power by a tide of popular discontent, Egypt continues to face a multitude of economic and other challenges. The economic shock of the Arab uprising in Egypt has manifested itself in stalled growth rates, high and rising unemployment (especially among youth), shuttered factories, dwindling foreign reserves, and vanishing foreign investment, capital and tourists as well as increasing debt. Furthermore, the November 2016 currency devaluation — a key demand of the International Monetary Fund (IMF) to which Egypt acceded in order to obtain a $12 billion loan, has had the pernicious effect of nearly halving individuals’ personal wealth.….
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