From the mid-2000s to 2011, the
Egyptian economy grew at a rapid pace. Yet, this economic
performance has not significantly improved the
country's overall competitiveness, nor has this growth
impacted the masses by providing more decent jobs. In 2004,
the Government of Egypt embarked on a structural reform
program of liberalization and privatization, which, combined
with high oil prices, booming economies in the Gulf
countries, and strong global economic growth, led to real
GDP growth of over 7 percent per year between FY06 and FY08.
The subsequent global financial, food, and fuel crises
dampened economic growth in Egypt to an average of 5 percent
in FY09 and FY10, still a strong performance by
international standards. However, since 2011, the
macroeconomic picture has deteriorated due to unresolved
political tensions and policy inflexibility.