Deep Economic Crisis in Egypt Essay

Deep Economic Crisis in Egypt Essay

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Egypt, though known around the world for its historical legacies and for its pyramids, is experiencing a deep economic crisis. The country's foreign currency reserves are less than half of what they were before the 2011 uprising that threatened Egypt's ability to pay for its own food and fuel. We see this economic crisis in Egypt's budget deficit; 14 percent of its gross domestic product (GDP) and we see it in its overall debt. Many attribute Egypt’s debt to the deficits that accumulated which averaged more than the country's economic output. We can also see the country’s economic crisis in the fact that approximately 45% of Egyptians live on less than two dollars per day, in the fact that their inflation reached a high of over 12% after the July 2013 military coup, and in the fact that their tourism revenue is less than half of what it was in the last full year before the uprising. It should be noted here that Egypt’s tourism revenue is currently at 11%, coming from a primary source of foreign currency. Also supporting the country’s economic crisis is the fact that their direct fore...

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