Egypt Economy Profile | glObserver Global Economics

(Egypt econo;y-globserver) Domestic stability in Egypt has improved markedly and the economy is showing timid signs of recovery. The government has engaged in bold reforms. Generous aid from the Gulf Cooperation Council (GCC) nations gives it the financial space to gradually implement those reforms.

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Costly food and fuel subsidy programs (fuel subsidies amounted to approximately 6% of GDP in 2014) which were by presently in place during the Mubarak regime strongly contribute to a high fiscal deficit. The high reliance of the people and small businesses on this system makes it difficult to reform without causing a backlash. Nonetheless, the government intents to almost fully eliminate fuel subsidies in the coming 5 years.

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Author: globserver

Director of Eyecom china

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