Commentary: "Nothing New on the Nile" - Egypt's economic programs are failing to benefit Egyptian people
"Nothing New on the Nile - Egypt's new government promised an economic revolution - but Egyptians are getting more of the same," 12 March 2015
This weekend, the Egyptian government will welcome delegates from around the world to the resort town of Sharm el-Sheikh for an investment conference described by Egypt’s investment minister, Ashraf Salman, as the “backbone” of the country’s future economic growth. According to reports, the Egyptian government plans to use the conference to launch a new economic development program, while attendees will listen to presentations on a wide range of investment projects.
In the lead-up to the conference, the Egyptian government has been on a major public relations push, talking up the country as a business-friendly destination. Writing in the Wall Street Journal last week, Salman argued that the government’s economic, legislative, and regulatory reforms together “amount to a quiet revolution” in the economy. Yet there is little to distinguish these reforms from the failed economic model of Egypt’s past, which, despite impressive economic growth, only intensified poverty, unemployment, inequality, and social injustice...