Egypt

Egypt in the Global Economy: Strategic Choices for Savings, by Chang-Po Yang

By Chang-Po Yang

This document summarizes Egypt's fresh fiscal development, highlights key possibilities and demanding situations presently dealing with its executive and folks, and descriptions a technique for securing its destiny prosperity close to a brand new millennium. at the exterior entrance, it emphasizes reforming the alternate regime, boosting exports, and moving into a partnership contract with the eu Union. at the family entrance, it outlines quite a number structural reforms to advertise better reductions and effective funding and regulations to make sure that macroeconomic balance is maintained.

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Additional resources for Egypt in the Global Economy: Strategic Choices for Savings, Investments, and Long-Term Growth (Middle East and North Africa Economic Series)

Example text

Export and Sales Push Egypt's export growth has lagged behind that of global trade. 1 billion. 2 billion loss of export earnings and to attribute it to a combination of factors. 9 billion). 27 percent share of global export trade that it achieved in 1970. A key issue is to determine what policies and institutions can help to expand exports, and enable Egypt to catch up with the growing trend in globalization. Account must be taken of the changing external environment. ' The technological and managerial changes that have occurred in the last decade or so have induced the OECD countries to adopt structural reforms to enhance the competitiveness of firms headquartered in their territories.

Valuing the depletion of oil and gas indicates that total income generating assets have not increased much in Egypt in the 1990s. In other words, the genuine savings rate (as a percentage of GDP) is close to zero. 9). Projections of oil and gas production indicate that Egypt's income from resource extraction could increase over the next several years, due to substantial growth of gas production, but would then gradually fall. Egypt could become a net energy importer by the year 2010, in light of increasing domestic energy demand.

Other forms of capital will have to be created to replace the income from oil and gas if the growth of national income is to be maintained. ) and natural resources (oil and gas, and so forth). For this reason, the concept of genuine saving has been developed (World Bank 1997). Genuine saving, simply defined, is gross national saving, less depreciation of capital stock, and less depletion of natural resources. Within this framework, rates of gross national saving will have to be much higher for economies that depend on extraction of natural resources.

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