As we all have been
witnessing, the economy of Egypt has been growing
at an accelerated pace. Today Egypt’s economy score is 53.4 which
makes it stand at 144th position in 2019. But the overall economy score
decreased by 0.7 points. Egypt has seen a drastic change in the
economy due to business improvements, judicial effectiveness and government
reforms to spend on property rights. With these improvements, Egypt
managed to maintain the 11th position among various countries of North
Africa and the Middle East. The main economic policy of Egypt still
aims at business-related structural reforms to help restore the financial
position of after political turmoil. Economic Background Of Egypt: In the year 2011, Egypt witnessed a great
revolutionary time when the army deposed the then President – Hosni Mubarak which
happened amidst the Arab Spring protests. The political instability in
Egypt led to the formation of a new parliament and also
a new president was elected. Once it was all settled under a new
constitution and president Abdel Fattah el-Sisi in 2014, the economic activities started
taking place all around the Nile Valley. Along with that the tourism
industry also bounced back and contributed to the
economic growth of Egypt. But Cairo still depends on Saudi
Arabia for its financial support. Egypt’s economic rule and Rule of Law Egypt’s economy started
flourishing when they recognized the importance
of Property rights. But the legal complexities
remained unstable which in turn delayed the enforcement
of various reforms and laws. It was also reported that the
judicial system created complexities due to the increase in political
activities under the government. It is quite common at
all places that due to corruption many countries
have faced bad times. Same happened in Egypt at all
levels of government bodies due to which the country faced
declined in economic growth. Open Market Of Egypt: With the combination of
export and import value, the GDP of Egypt goes
up to 44.8 percent. Whereas the average tariff
is still around 6.4 %. It was reported by WTO
that Egypt approximately 154 non-tariff
measures in the forces. There have also been economic restrictions
on foreign investments due to which 45 % of adult Egypt people have availed the
access to the formal banking institution. Efficient Regulatory Of Egypt With the regulatory reforms, the
businesses would consume less time and will have to register the
property before starting any services. This reform was started as in
the absence of any such laws the exploitation works go
of labor work would persist. To control the debt and
regulate its government decided to reduce the
consumption of electricity. Government Fact and Figures For the past three to four years
the government spends about 33% of Country’s GDP and also
maintaining the GDP as well. With all this, it was reported that
Egypt has been trying to work out all the reforms and laws to increase
its stand in the World Economy.

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