Egypts Economic Climate Essay

Egypts Economic Climate Essay

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Egyptian Economy
Egypt’s economic climate has been greatly impacted by the political turmoil and unrest since 2011. The unstable political environment continues to change, and a new constitution was recently approved in January 2014 ("Egypt Overview", 2014). Egypt continues to struggle economically with a weak growth rate at 1.8% and unemployment reaching 13.4% ("The World Factbook", 2014). Out of the 13.4% unemployed, over 75% are individuals ages 15-29 ("Egypt Overview", 2014). These factors contribute to the country’s high gross public debt that equated to almost 100% of GDP in 2013, which was $552.4 billion ("The World Factbook", 2014). Egypt is relying heavily for economic support on the local region. In 2013, Egypt received approximately $17 billion of aid from United Arab Emirates (UAE), Kuwait and Saudi Arabia ("Egypt Overview", 2014). Additional aid sources include a combination of grants totaling $9 billion and interest free deposits with the Central Bank of Egypt (CBE) of $5 billion. The World Bank is arranging a Country Partnership Strategy for FY15-FY18 to assist in rebuilding efforts for Egypt’s economy. The goal of this initiative is to continue to help reduce poverty and increase shared prosperity. Egypt is also qualified to receive financial support from the International Bank for Reconstruction and Development (IBRD) and has received a total commitment of $4.6 billion ("Egypt Overview", 2014). The funding sources and support that is currently being offered to Egypt will be crucial in the redevelopment and long term success of the economy.
The currency utilized in Egypt is the Egyptian Pound (LE), and it is currently valued at .143059 USD, which can also be described as 1 USD can be exchanged for 6.99010 Egy...


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...ynewsegypt.com/2013/12/02/26-3-of-egypt-is-poor-capmas/
Egypt Overview. (2014, March 17). Retrieved April 19, 2014, from http://www.worldbank.org/en/country/egypt/overview
European Commission: Egypt. (2014, January 24). Retrieved April 19, 2014, from http://ec.europa.eu/trade/policy/countries-and-regions/countries/egyp
Heineman Jr., B. W. (2014, March 27). General Sisi's Greatest Enemy: The Egyptian Economy - The Atlantic. Retrieved April 20, 2014, from http://www.theatlantic.com/international/archive/2014/03/general-sisis-greatest-enemy-the-egyptian-economy/359723/
Shalakany Law Office (2012). Guide to Doing Business: Egypt. Retrieved from Lexi Mundi website: http://www.lexmundi.com/lexmundi/Guides_To_Doing_Business.asp
The World Factbook. (2014, April 15). Retrieved April 20, 2014, from https://www.cia.gov/library/publications/the-world-factbook/geos/eg.html

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