Overall Score: 55.2 World Rank: 124
Quick Facts About Egypt Compared to the U.S.
- Population: 84.2 million//318.9 million
- GDP: $553.6 billion//16.77 trillion
- GDP Growth: 2.1%//2.2%
- GDP Per Capita: $6,579//$53,042
- Unemployment: 12.7%//5.3%
- Inflation: 6.9%//-0.1%
- Foreign Direct Investment: $5.6 billion//$294.971 trillion
3. Limits on Government Regulation
Previous regulatory systems made starting a business less time-consuming. The less time-consuming somethings is, the more economic progress it will create. However, some of these reforms didn't give enough structure to other policy areas which hurt entrepreneurial growth.
Outlook for Egypt's economy in 2015 - BBC report
The government is looking to expand the Suez Canal to double the amount of ships that pass through, hoping to help the economy. President Sisi raised taxes and slashed fuel subsidies. Egypt's economy still has a long way to go with its poverty levels and increasing power shortages.
Egypt's main exports consist of natural gas, and non-petroleum products. These products include ready-made clothes, cotton textiles, medical and petrochemical products, citrus fruits, rice and dried onion, and more recently cement, steel, and ceramics. Egypt's main imports consist of pharmaceuticals and non-petroleum products such as wheat, maize, cars and car spare parts.
Cotton has been the stable crop, but it is no longer as vital of an export.
The economy of Egypt was a highly centralized planned economy focused on import substitution under President Gamal Abdel Nasser.