Chang-Po Yang - Egypt in the Global Economy: Strategic Choices for Savings, Investments, and Long-Term Growth (Middle East and North Africa Economic Series)
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Egypt in the Global Economy: Strategic Choices for Savings, Investments, and Long-Term Growth (Middle East and North Africa Economic Series)
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This report summarizes Egypts recent economic progress, highlights key opportunities and challenges currently facing its government and people, and outlines a strategy for securing its future prosperity on the brink of a new millennium. On the external front, it emphasizes reforming the trade regime, boosting exports, and entering into a partnership agreement with the European Union. On the domestic front, it outlines a range of structural reforms to promote higher savings and productive investment and policies to ensure that macroeconomic stability is maintained.
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Egypt in the Global Economy : Strategic Choices for Savings, Investments, and Long-term Growth World Bank Middle East and North Africa Economic Studies, 0253-7494
WORLD BANK MIDDLE EAST AND NORTH AFRICA ECONOMIC STUDIES
Egypt in the Global Economy
Strategic Choices for Savings, Investments, and Long-Term Growth
Page ii
Copyright 1998 The International Bank for Reconstruction and Development/THE WORLD BANK 1818 H Street, N.W. Washington, D.C. 20433, U.S.A.
All rights reserved Manufactured in the United States of America First printing March 1998
Technical Papers are published to communicate the results of the Bank's work to the development community with the least possible delay. The typescript of this paper therefore has not been prepared in accordance with the procedures appropriate to formal printed texts, and the World Bank accepts no responsibility for errors. Some sources cited in this paper may be informal documents that are not readily available.
The findings, interpretations, and conclusions expressed in this paper are entirely those of the author(s) and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. The World Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility whatsoever for any consequence of their use. The boundaries, colors, denominations, and other information shown on any map in this volume do not imply on the part of the World Bank Group any judgment on the legal status of any territory or the endorsement or acceptance of such boundaries.
The material in this publication is copyrighted. Requests for permission to reproduce portions of it should be sent to the Office of the Publisher at the address shown in the copyright notice above. The World Bank encourages dissemination of its work and will normally give permission promptly and, when the reproduction is for noncommercial purposes, without asking a fee. Permission to copy portions for classroom use is granted through the Copyright Clearance Center, Inc., Suite 910, 222 Rosewood Drive, Danvers, Massachusetts 01923, U.S.A.
ISSN: 0253-7494
Cover photo by Ray Witlin, 1975, "Cairo. View of the City at Dawn."
Library of Congress Cataloging-in-Publication Data
Egypt in the global economy: strategic choices for savings, investments, and long-term growth. p. cm. (Middle East and North Africa economic series) ISBN 0-8213-4066-2 1. EgyptEconomic policy. 2. EgyptEconomic conditions1952. 3. Investment, foreignEgypt. 4. Foreign trade promotionEgypt. 5. Savings and investmentEgypt. I. World Bank. II. Series. HC830.E377 1997 338.962DC21 97-31580 CIP
Page iii
Contents
Foreword
vii
Acknowledgments
viii
Abbreviations, acronyms, and definitions
ix
Currency and exchange rates
xi
Strategic overview
xiii
Chapter 1 Employment and growthan overview
1
Saving, investment and growtha virtuous cycle
2
Trade openness and investment-friendly policies for a higher growth trajectory
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