Egypt: Is the economy poised for take-off?

Badcock, James
July 2004
Middle East;Jul2004, Issue 347, p46
The Egyptian economy is on the up, or so the pundits say. These expressions of confidence have been heard before, but the overall impression of a sleeping giant, unable to launch itself fully into the financial frame of the 21st century persists. Overall, last year saw a dramatic leap forward in the import/export equation, largely as a result of the government's realignment of the currency, effectively devaluing what was an overvalued Egyptian pound due to its peg to the U.S. dollar. Egypt's Eastern Tobacco Co. is not even on the list of those companies to be sold off to the private sector. The ambassador went on to propose the removal of subsidies on pharmaceutical products in Egypt.


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