Source: Atlantic Council
Author (s): Menasource
Original Link: http://www.atlanticcouncil.org/blogs/menasource/january-25-experts-weigh-in-seven-years-later
We asked several Egypt experts where they think Egypt stands seven years after the January 25, 2011 uprising that led to the ouster of former President Hosni Mubarak. A common takeaway has been that Egypt is continuing to regress to its pre-2011 days.
In the aftermath of the 2011 Revolution, the Egyptian economy went into a tailspin for several years. Economic growth plummeted, unemployment, and particularly youth unemployment, rose sharply, inflation went into double digits, and the Central Bank of Egypt lost two-thirds of its foreign exchange reserves. There were some signs of a recovery in 2015-2016, but the improvements in the main macroeconomic variables were small and well below what had been achieved in the last few years of the Hosni Mubarak regime. More positive change occurred in 2017 on two fronts: first, growth picked up and reached over 5 percent after having averaged 2-3 percent in the previous six or so years; and second, the Central Bank of Egypt built back up its foreign reserves to over $37 billion, even above the historical high of $35 billion in 2010. However, on the downside, inflation surged and there was virtually no impact on the unemployment, which remained stubbornly at around 13 percent….
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