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Egypt's Economy Today And While Mubarak's Was In Charge And Who Has Taken His Place
Egypt is located at a prime strategic location, which makes it trade hub. Hence Egypt stands as North African economic super power and a cultural hub in the Arab world. This transcontinental country that shares its coastlines with the Red sea and the Mediterranean Sea, also its borders with the Sudan, Gaza and Israel stands as the 30th largest country on the world map.
Most of Egypt's trade and economic activities take place at the river Nile, along its basin. After obtaining independence from the British, Egypt had to struggle to rid itself of the feudal economic system left behind by the British, and started working towards creating an independent economy which had a stand of its own. However by the end of the twentieth century, Egypt had not achieved its goals completely and still remained heavily reliant on foreign aids and imported goods. Hence its economic conditions were heavily dependent on how the international market was going rather than having an economic market independent of international fluctuations. Till the late 1990s, the Egyptian economy was more or less a centralized system due to the economic policies of its former presidents Gamal Abdel Nasser and Anwar Sadaat.
However, during former president Mubarak's regime, the...
This along side with other efforts at privatization increased Egypt's economic growth. However the two most important terrorist attacks of our recent times, the 1997 attack at Luxor and the 11 September 2001 attack on the United States had a very negative impact on not just Egypt but the entire Muslim world. At the end of 2000 -- 01, the total public debt had amounted to 64% of the total GDP and the foreign public debt had risen to 26% of the total GDP. Another mistake was the increased spending on infrastructure projects in the early 2000s which increased the budget deficits again. By 2003 after a series of devaluation of the national currency, Egypt adopted a 'floating exchange rate mechanism' and this way the Egyptian pound was no longer pegged to the dollar. Come 2008 till 2011 the economic reforms took a back seat. The economy almost closed down, because it got divided into a lot of dominant groups.
The military being the most prominent and dominating force. The army-owned companies hold various monopolies, in very diverse sectors like water, construction, cement, olive oil,…
Egypt's current currency is no different from the rest; it consists of bank notes and coins, sometimes one amount available in both notes and coins, such as one pound. One pound is made up of 100 piaster's. The notes are distinguished according to their color for their value. It is very simple note, where one side is in English and the other is in Arabic. The central bank is in charge of issuing currency. The Egyptian pound is one of the most valuable currencies in Africa, Both because of its trade significance and also because it holds a national significance in the Arab world. Considering that Egypt was once a British colony, so now having its own currency and being the economic super power of a larger part of the Arab world holds a lot of meaning for the Egyptians.
Egypt introduced its bank notes at the turn of the 20th century. Notes are provided in piasters and pounds. The notes available are for 5, 10, 25, and 50 piaster's and for pounds, its 10, 20, 50, 100 and 200 pounds. Every note is assigned with a particular tint to tell the difference, like reds and blues. The reason the Egyptian note holds such valuable significance is because it represents the Egyptian cultural the best. With ancient monuments and symbols and leader printed on the bank notes, for examples the 50 on the 50 pound note there the famous Abu Hurayba Mosque and on the front it's the Horus Temple at Edfu.
Egyptians trade significance is incomplete without its imports and exports. Egypt's 2010 exports trade grossed over U.S.$29 billion, a 22% surge from the previous year's level. Oil being the central almost everywhere in the Arab world, so is the case with Egypt. Egypt produces 630,600 barrels of oil a day, the exports per day for oil are155, 200 barrels per day. However the country has huge oil reserves in uncharted areas, approximately 37 billion barrels. Which if used in the right way can be used as fuel for decades. Apart from crude oil and petroleum products the country also deals in exports of metal products, textile, cotton and chemicals. Before World War II, cotton was the largest of Egypt's export. But with advancement in the oil sector it has now replaced cotton.
The source of the current crisis can be traced to 1998 when an initial agreement was reached on a plan of action and policy guidelines to establish the Nile Basin Initiative at the 2nd Nile Technical Advisory Committee meeting held in Arusha. A few months later, the Nile Basin Initiative (NBI) was officially launched at an extraordinary meeting of the Nile Basin Council of Ministers, in Dar es Salaam,
Egypt hopes to gain economic and political momentum for itself and the region through ongoing partnership with the EU and Mediterranean cooperation within the Barcelona Process. The Association Agreement between the EU and Egypt is expected to enter into force soon. It has already been ratified by the majority of the EU member states (also including Germany) and the section on trade relations has already come into provisional effect, and
History Of Egypt Civilization Emerges in the Nile Valley 2-3 The Age of the Pharaohs (3200 BCE - 30 BCE) 3-4 British Colonial Rule (1914-1954) 4-5 Modern Egypt (1954 -- Present Day) 5-6 Conclusion & Suggestions Egypt has always remained one of the most intriguing areas on the planet, with historians, archaeologists and laymen alike flocking to the country on a steady basis throughout the last two centuries to indulge their curiosity and explore the heart
At the time of this report on October 27, 2010, the Brotherhood spoke out against boycotting the upcoming election, but projected a rather optimistic attitude towards resolving the conflict that confronted them. Still, in light of this optimistic attitude, they did not deny that it would oppose the anti-government in other ways (Arrott). Senior Brotherhood leader, Essam el-Eryan commented, "What is urgent and a priority is to change the
Media Control in Egypt The media in Egypt is much more controlled than in many other countries, including the United States. That control began with President Gamal Abdel Nasser, moved through Anwar Sadat, and then on to Hosni Mubarak. During that time, the television and newspapers were strictly controlled, and only what the president wanted people to see was placed in them. There is significant evidence that the control of the
Muhammad Ali in Egypt and the Influence of Napoleon Services and Mission of Muhammad Ali Pasha Reforms under the Regime of Muhammad Ali Pasha Societal Reforms Education Reforms Westernization Economic Reforms Agricultural Reforms Political Reforms Political Reforms Economic Strengthening Activities to Make Egypt Self Sufficient Muhammad Ali the Father of Modern Egypt AFU Armed Forces Union CGS Chief of the General Staff CUP the Committee of Union and Progress Dev-Sol Revolutionary Left Dev-Yol Revolutionary Way D-SK Confederation of Unions of Revolutionary Workers DP Democrat Party EEC or EC European