Publication:
Egypt Economic Monitor, July 2019: From Floating to Thriving – Taking Egypt's Exports to New Levels

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dc.contributor.authorWorld Bank Group
dc.date.accessioned2019-07-17T17:15:14Z
dc.date.available2019-07-17T17:15:14Z
dc.date.issued2019-07
dc.description.abstractConfronted with pervasive macroeconomic imbalances and microeconomic distortions, the Government of Egypt (GOE) started in 2016 to move forward with important reforms to stabilize the economy and restore confidence. At that time, Egypt was facing daunting economic and structural challenges, unsustainable fiscal and external imbalance and a deterring business environment. The severe foreign currency crunch that peaked in late 2016 motivated the GOE to introduce transformative economic reforms to alleviate the longstanding structural constraints to inclusive growth and macroeconomic stability. The flagship reforms of the economic program were (i) the liberalization of the exchange rate to eliminate the large currency overvaluation and foreign exchange shortages; (ii) a fiscal consolidation program that introduced a ale-added tax (VAT) and a gradual reduction in energy subsidies and the wage bill, and (iii) major energy sector terms to address power outages by public and private investment in generation and establish Egypt's potential as an oil and gas producer by reducing pricing distortions and arrears. These reforms were complemented by efforts to improve the business climate and attract private investment, starting with legislative reforms and the introduction of new laws on industrial licensing, investment, and insolvency. Macroeconomic indicators have reacted positively to the stabilization reforms. Most notable, economic growth has accelerated, the parallel market for foreign currency exchange has been contained, external deficits have narrowed, and international reserves have replenished. Public finances are progressing on a more sustainable path, with a frim containment of spending on price subsidies and a narrowing fiscal deficit. The improvement in macroeconomic conditions have also reflected positively on investors; perceptions, with credit rating agencies upgrading their ratings and outlook for Egypt.en
dc.identifierhttp://documents.worldbank.org/curated/en/260061563202299626/Egypt-Economic-Monitor-From-Floating-to-Thriving-Taking-Egypts-Exports-to-New-Levels
dc.identifier.doi10.1596/32109
dc.identifier.urihttps://hdl.handle.net/10986/32109
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectECONOMIC GROWTH
dc.subjectGROWTH DRIVERS
dc.subjectLABOR MARKET
dc.subjectEXPORTS
dc.subjectFISCAL POLICY REFORM
dc.subjectFISCAL TRENDS
dc.subjectMONETARY POLICY
dc.subjectDEBT SERVICE BURDEN
dc.subjectRISKS
dc.subjectOIL AND GAS
dc.subjectECONOMIC OUTLOOK
dc.subjectNON-TARIFF BARRIERS
dc.subjectEXPORT COMPETITIVENESS
dc.subjectTRADE LOGISTICS
dc.subjectCONNECTIVITY
dc.subjectGRAVITY MODEL
dc.subjectTRADE POLICY
dc.subjectTRADE PERFORMANCE
dc.titleEgypt Economic Monitor, July 2019en
dc.title.subtitleFrom Floating to Thriving – Taking Egypt's Exports to New Levelsen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleEgypt Economic Monitor, July 2019
okr.date.disclosure2019-07-16
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/260061563202299626/Egypt-Economic-Monitor-From-Floating-to-Thriving-Taking-Egypts-Exports-to-New-Levels
okr.guid260061563202299626
okr.identifier.doi10.1596/32109
okr.identifier.doihttps://doi.org/10.1596/32109
okr.identifier.externaldocumentum090224b086ebba10_1_0
okr.identifier.internaldocumentum31247655
okr.identifier.report139223
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/260061563202299626/pdf/Egypt-Economic-Monitor-From-Floating-to-Thriving-Taking-Egypts-Exports-to-New-Levels.pdfen
okr.region.administrativeMiddle East and North Africa
okr.region.countryEgypt, Arab Republic of
okr.topicTransport::Transport and Trade Logistics
okr.topicInternational Economics and Trade::Export Competitiveness
okr.topicInternational Economics and Trade::International Trade and Trade Rules
okr.topicInternational Economics and Trade::Trade Policy
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topicPoverty Reduction::Employment and Shared Growth
okr.topicSocial Protections and Labor::Employment and Unemployment
okr.unitMacroeconomics, Trade and Investment Global Practice
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