Egypt is a country that has a highly-centralized economy with a high annual growth of average 4-5%. Egypt is moving forward towards a market-oriented economy that would help the country to have a higher standard of living. In recent years, Egypt has adopted many economic policies including monetary and fiscal policies, structural reforms, etc. These reforms have a crucial role in strengthening the country's economy.
Also, Egypt is taking steps to increase economic growth rates by improving productivity, investing in human capital, tourism sector and adopting laws that promote competition on the markets.
Economy of Egypt is also determined by the fact that the country is located in the fertile Nile valley, which has influenced the high rate of economic productivity in Egypt.
According to the CIA World Factbook, in 2013 the Gross Domestic Product (GDP) of Egypt was $551.4 billion. Comparing to other countries, this level of GDP is among the TOP-30 of all the economies in the world.
Today, there is a high unemployment rate in Egypt, which is about 13.4%. Also, there is a significant public debt, which now is approximately 92.2% of GDP.
Most developed industries are textiles, tourism, construction, light manufacturers, food processing, etc. Also, Egypt has a highly developed agricultural sector. Companies of Egypt specialize in fruits and vegetables, cotton, wheat, corn, rice, cattle, goats and sheep.
Egypt imports machinery and equipment, fuels, chemicals. At the same time, Egypt exports cotton and textiles, crude oil and other petroleum products, metal products, etc. The biggest trade partners of Egypt are China, India, United States, Italy and Germany.
In general, Egypt has a highly developed economy and the country takes the necessary steps to strengthen it and get a leading positions in the world trade.
Works Cited
"Egypt." Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption. N.p., n.d. Web. 1 Aug. 2014. <http://www.heritage.org/index/country/egypt>.
"Economy of Egypt." Central Intelligence Agency. Central Intelligence Agency, n.d. Web. 30 July 2014. <https://www.cia.gov/library/publications/the-world-factbook/geos/eg.html>.
