... particular, the COVID-19 pandemic has hurt tourism development, leading to a drop in financial income from the Suez Canal and remittances from emigrants. The Ukrainian crisis has also increased the volatility of grain prices and negatively affected Egypt's economy.
***
The last decade has seen a certain adjustment in both the political and economic development of Egypt. After President Mohammed Morsi's overthrow, the military seized power and Egypt returned to approximately the same version of authoritarianism ...
... to build balanced relations based on principles like the respecting sovereignty and non-interference of world powers (not only Russia, but also the United States, and China), as well as regional players.
Ivan Bocharov:
In the Grips of the Army: The Egyptian Economy
From the Israeli-Palestinian conflict to the situation in Libya, Russia and Egypt share similar positions on many issues on the region’s agenda. It is also important that Egypt favors restoring Syria's sovereignty over all its territories, although ...
... gates to the west and north of Africa, respectively.
Another possible factor for a BRICS expansion could be the size of the economy and the associated “demographic dividend.” [
3
] Many African nations are already showing high growth rates. This ... ... consequently, as the number of consumers and the capacity of the domestic market build up. From these perspectives, Nigeria and Egypt, the leaders among African nations in terms of GDP, also demonstrating relatively high economic growth rates, are clear ...
... economy were untrue. According to him, it
does not exceed
1.5%–2%, which corresponds to 3–4 trillion Egyptian pounds (equals from 191 to 255 billion dollars). President Abdel Fattah al-Sisi then
announced
that he would like the army to own half of Egypt's economy.
In September 2019, Colonel Tamer al Rifai announced that the army is participating in the implementation of 2,300 projects in various sectors of the economy of Egypt. According to him, about 5 million people
work
at the enterprises owned by ...
... explosion of a Russian plane in the skies over the Sinai Peninsula in October 2015 forced Russia, the UK and some other countries to limit air traffic with Egypt. The coronavirus pandemic also negatively affected the development of the tourism sector of the economy.
Over the past ten years, the
population
of Egypt has increased from 82 to 100 million. However, the economic potential of the state is not growing at the same rapid pace, and the possibilities for the development of agriculture remain limited. This is one of the important reasons for the rise ...
... economy. The introduction of strict quarantine measures in Cairo, as in China and some European countries, seems inappropriate.
Half of the measures taken by the country's leadership to combat the coronavirus are already causing significant damage to the economy. Egypt's foreign exchange reserves
fell
by $5 billion in March. Due to injections by the Central Bank, it will last only eight months to maintain a local stock market. The COVID-19 pandemic
caused
the postponement of the opening of the new administrative ...
..., but its spirit has not relinished. The Muslim Brotherhood, which supported the protest, will certainly be working low key on a comeback initiative, which is even more concerning considering the orthodox nature of the movement.
The healing of the Egyptian economy – and concurrently of the country as a whole – may be in jeopardy of never materializing in the foreseeable future. Experience shows that in a delicate social and economic situation such as that currently existent in the country, the ...
... orientation towards the United States is giving way to attempts to diversify its foreign ties. The relations between Egypt and the United States have cooled, and this new factor needs to be taken into account.
There are objective grounds for caution. Egypt’s economy is struggling, while its population is growing rapidly and has already topped the 86 million mark.
The country’s foreign-exchange reserves have shrunk by almost three times to $13 billion since President Hosni Mubarak was toppled in 2011....
