A brief introduction to Egypt Economy
The economy of Egypt showed dramatic improvement in the 90s. The International Monetary Fund provided assistance in various spheres. Major portion of Egypt debts were borne by Arabs. Efforts were put in to keep inflation at the base level. There was a decline in the budget deficit. The foreign reserves of Egypt also increased.The GDP or the gross domestic product accounted for 4% to 5%. Despite a fairly good progress in the economy of Egypt, there are many snags which Egypt is subjected to. Rate of growth in the economy of Egypt has considerably declined since '98 owing to the crisis which Asia is facing in terms of economy.
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Recession affecting the economies of the Gulf countries between the period '98 through '99, affected the economy of Egypt. There was a decrease in the prices of oil consequently decreasing the remittances. Remittance is regarded as an important foreign currency source.
The Egypt economy has recuperated to a considerable extent. The rate of growth in the economy of Egypt accounted for 3.3% in 2001 through 2003. This escalation in growth can be attributed to the increase in trade exports, discoveries of natural gases and their export to other countries, tourism industry.
Threats of Egypt Economy:
Unemployment, poverty, financial deficit, domestic debt are some of the threats Egypt is facing. Rate of unemployment accounted for 12% in 2005 September. As many as 600,000 people were required to be recruited every year and it is ascertained that 6% to 7% of the rate of GDP growth cannot be achieved unless unemployment is not attended to.For more information visit the following page:
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