Often intertwined with foreign investment, many sectors, such as agriculture and water use, have seen a marked rise in development in recent decades.
Nov 08, 2013
Reporting on Egypt since the July 3 ouster of former president Mohamed Morsi has focused on political dimensions and unrest. However, it is the new government’s success—or lack thereof—in meeting the country’s economic challenges that will largely determine whether Egypt returns to stability, just as surely as it was Egypt’s economic woes that underpinned the country’s repudiation of Morsi. Egypt’s secular elite may have been provoked by Morsi’s supposed Islamicization of the constitution and efforts to centralize power in his hands, but what galvanized the masses to join in was a steady stream of bad economic news, including rising unemployment, shortages of electricity and gasoline, and an inability to obtain foreign exchange. If the new government cannot show progress on those fronts, the masses will turn on it as well; the clock is ticking.
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