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Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but has opened up considerably under former President Anwar EL-SADAT and current President Mohamed Hosni MUBARAK. Cairo has aggressively pursued economic reforms to encourage inflows of foreign investment and facilitate GDP growth.
In 2005, Prime Minister Ahmed NAZIF's government reduced personal and corporate tax rates, reduced energy subsidies, and privatized several enterprises. The stock market boomed, and GDP grew about 7% each year since 2006. Despite these achievements, the government has failed to raise living standards for the average Egyptian, and has had to continue providing subsidies for basic necessities. The subsidies have contributed to a sizeable budget deficit - roughly 7% of GDP in 2007-08 - and represent a significant drain on the economy.
Foreign direct investment has increased significantly in the past two years, but the NAZIF government will need to continue its aggressive pursuit of reforms in order to sustain the spike in investment and growth and begin to improve economic conditions for the broader population. Egypt's export sectors - particularly natural gas - have bright prospects.
the-world-factbook
Egypt:
• Map of Egypt
• Economy of Egypt
• Pharaoh
See:
• List
of Cities in Egypt
• Cairo
• Sharm
El Sheikh
• King Tut - Tutankhamun
•
Nile
• Egyptian Hieroglyph
• Egyptian Museum
• Mummy
• Giza
• Great Sphinx of Giza
• Great Pyramid of Giza
• Sea Peoples
• Ramesses III
• Ramesses IV
* Horus
* Alabaster
* Sarcophagus
* List of Egypt-related topics
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