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بالإنجليزية Paragraph عن حال مصر how to make egypt better place
ابرز مقومات قوة الاقتصاد المصري في دلة مصر
socioeconomic
The economic situation of Egypt in 2013 is degraded. The country,
which experienced, until 2011, sustained growth, resulting in part from the
program of reforms and openness since 2004 to modernize the country's economy,
saw its growth rate decline. Investment and tourism, the sectors most affected
by the revolution, are struggling to recover.
The stock of foreign exchange reserves has halved since 2011,
providing just three months of imports. The rating agency Standard and Poor's
lowered Egypt's sovereign rating in May 2013 by one notch, from "B-"
to "CCC +", in the speculative category. In early July, Saudi Arabia,
the United Arab Emirates and Kuwait pledged cumulative aid of US $ 12 billion
in the form of grants, deposits with the Egyptian central bank and
contributions to oil and gas products.
Egypt is historically a great economic power in Africa, it is
especially under the presidency of Nasser that it takes off since it was at the
origin of the nationalization of the Suez Canal in 1956 and the construction of
the Aswan high dam that ends in 1970. It manages to free itself from the
British tutelage for the Suez Canal in order to ensure the economic development
of the country and to meet its own energy needs through the dam.
However, the 2011 Arab Spring came to disrupt the situation and
deeply affected the main resources on which the Egyptian economy was based,
thus putting it in serious difficulty.
Indeed tourism, the country's first foreign exchange resource,
which accounted for 10% of GDP before the Arab Spring employing 12% of the
population, bore the full brunt of the consequences of the uprisings of the
people since the number of tourists has increased from 14%. , 7 million in 2010
to 9.5 million in 2011, which represents a huge shortfall for the Egyptian
economy. The image of Egypt has suffered violent repressions that took place in
Egypt in recent years.
Another pillar of the troubled economy (third source of the
country's currency after tourism and expatriate remittances), the Suez Canal,
the fastest sea route between Asia and Europe, and Africa North and Asia, which
traffic petroleum products as well as containers, sees its revenues (about 5
billion per year) decrease because of the strong piracy in the Gulf of Aden and
the economic crisis affecting the region. eurozone. In fact, goods traffic
(more than 8% of world trade), crude oil (only 5% of world trade) and liquefied
natural gas (14% of world trade) have been declining since 2008, and the
economic crisis which has has touched the whole world.
Among Egypt's main sources of income, only expatriate remittances,
estimated at 19 billion in 2012, have not declined dramatically, remaining at
least the same level as before 2011. This is explained in particular, the
importance that Egypt attaches to its expatriates by allowing them to vote in
the last elections to express the importance that their country of origin gives
them.
Despite the contribution of expatriates, the Egyptian economy is
still in great difficulty, as evidenced by the words of a Western banker
working in Egypt who wrote "a country on a drip that would collapse in a
few days without the current country support
of
the Gulf ". Indeed the country avoided bankruptcy thanks to the assistance
provided mainly by Saudi Arabia (as well as Kuwait and the United Arab
Emirates), which is expected to reach 12 billion to compensate the possible
suspension of US aid ( military support of 1.3 billion dollars) and European. Indeed,
the latter are exerting financial pressure on the Egyptian military government
to protest the use of violence against Protestants. In particular, the European
Union, which is currently threatening to suspend its € 5 billion aid planned
for 2012-2014. For the moment, only the supply of weapons and security
equipment has been suspended, although it seems unlikely that the EU will
implement its threats because of Egypt's geostrategic interest in terms of
balance in the region and especially because of the 4.5 million barrels transit
each day by the Suez Canal.
The collapse of these main sources of income and foreign exchange
for the Egyptian economy has had the effect of strongly impacting the country's
economic indicators. Indeed, today, all the seers are red, the military
government is completely helpless in the face of the situation, therefore the
Egyptian economy that could have been a lever for the recovery of the country
has completely collapsed, revealing in turn the impotence of economic power in
Egypt.
First indicator in free fall, foreign exchange reserves. They have
literally melted after the Arab Spring, we note a drop of 65% since the end of
2010. At the end of January 2013 they reached $ 13.6 billion against $ 15
billion in December 2012, a sign of the rapid decline. This amount is also
described as "critical minimum" by the Egyptian Central Bank, since
they represent only 3 months of imports. In particular, remember that Egypt is
the largest importer of cereals in the world and that its people had already
suffered the full wheat shortage a few months ago (6 months without orders).
The second leading indicator, the drop in FDI, which went from $
13.2 billion in 2008 to $ 2.1 billion in 2012, is a sign of Egypt's lack of
attractiveness and lack of prospects for investors. Excluding FDI allows a
country to grow and grow its businesses. The growing number of companies shut
down in Egypt (about 40,000, which is considerable) is the consequence of this
phenomenon which also affects large multinationals such as Shell, Electrolux or
General Motor.
Another indicator down, economic growth. GDP grew by only 1.8%
between 2011 and 2012 while it was more than 5% over the previous year, which
is largely insufficient to maintain the economic balance of Egypt and its
development.
Unemployment and inflation also reach their peaks (18% and 13%
respectively), thus paralyzing the country and preventing the people to work
and eat properly, factors that led to revolt to demand what should their to be
due naturally. Public finances are also heavily indebted, evidence of both
mismanagement of the political apparatus and unprecedented economic and social
crisis in Egypt.
economic and financial
- The country's GDP: US $ 231.9 billion (2011)
Share of main sectors of activity in GDP (2011):
agriculture: 31.6%
industry: 23%
services: 45.3%
- GDP per capita: US $ 2922 (2011)
- GDP growth rate: 1.2% (5.9% before the revolution)
- The annual inflation rate: 13.5% [8]
- The budget balance (in% of GDP): -13% of GDP (2012)
- Current account balance (in% of GDP): deficit of US $ 8.1
billion (2012)
Main customers (market share): Italy (8.4%); Spain (6.2%); Saudi
Arabia (5.9%); United States (5.9%); India (4.7%)
Main suppliers: United States (9.4%); China (9.2%); Germany (7.6%);
Italy (5.6%); Saudi Arabia (4.0%).
- External debt (in% of GDP): 21% (2013)
- Exchange rate: 1 (EUR) = 9.44 Egyptian Pound (EGP) on 11/12/2013
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