egypt’s economy is a special case
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Egypt’s economy is a special case

Arab Today, arab today

egypt’s economy is a special case

Mohammed Nosseir

The relationship between the Egyptian government and various international economic agencies is a very “hush-hush” one; meetings and dialogues between the two parties often take place behind the scenes. Egyptian citizens, who will eventually be affected by any economic measures agreed upon at the talks, learn of an economic reform program only at the time of its implementation.
Since the Egyptian government does not share its economic goals with its citizens, we are left incapable of assessing the success or failure of the economic program applied.
The government is proud of its economic reform programs when they are praised by international institutes — but it is quick to discredit the competence of the same institutes when they don’t commend these programs enough. Moreover, since the government tends to argue in favor of its international economic agreements while the opposition rejects them completely, society is left with no clue as to what is truly beneficial for the economy.
Egypt has its own cultural dynamics that are completely different from those of other developing nations, but most international economic and political agencies that propose reform programs for Egypt lack an understanding of these domestic factors that either encourage or deter society’s acceptance of any given policy. Because they live in isolated lavishness, even foreign experts in Egypt cannot comprehend the true-life struggles of Egyptians.
“We anticipated a stronger Egyptian pound,” said a leading director of the International Monetary Fund (IMF), which partnered with the government to float the currency in November 2016. The outcome contradicted their anticipations because the economic scheme applied by the IMF completely overlooked Egyptians’ irrational attitude to foreign currencies and their lack of confidence in their government.
International agencies tend to recommend economic reform policies that have worked well in other countries with similar economic challenges. However, many fundamental factors of other nations’ social dynamics differ from Egypt’s. For instance, the Chinese model of running a family business based on teamwork and seniority differs completely from the Egyptian model, which is based on fragmenting a family business into smaller individual units to enable each family member to run his own show.
International economic agencies often struggle between endorsing the Egyptian government’s goal to strengthen the state economy, and stimulating investors’ actual needs by giving them economic incentives to expand their businesses. These agencies have to comply with the government’s clear condition — avoiding the establishment of an economic dialogue with Egyptian citizens.
The Egyptian economy is, evidently, a complicated and controversial field. Egyptian economists tend not only to disagree with one another about fundamental economic principles, they also work to disqualify one another’s economic theories, leaving those of us who are struggling to understand basic economic ideologies and philosophies behind. Meanwhile, the government adds to this dilemma by declining to follow a specific and clearly defined economic school of thought, working instead with a “mix and match” of ideas without offering any comprehensible justifications.
The government and society generally tend to announce only the positive aspect of a given challenge, neglecting to address any negative consequences — in the hope that denial will work to reduce these negativities. This allows the deficiencies of any notion to escalate until they emerge in the form of a new challenge whose magnitude exceeds their initial expectations. Egypt would be better off if the Egyptian government constructively engaged its citizens in the country’s economic challenges.

 

GMT 18:35 2018 Friday ,14 December

Can Armenia break the ice with Turkey?

GMT 21:25 2018 Thursday ,13 December

PM limps on with UK still in Brexit gridlock

GMT 21:21 2018 Thursday ,13 December

US begins crackdown on Iran sanctions violations

GMT 14:33 2018 Wednesday ,12 December

Political turbulence likely to continue unabated in 2019

GMT 14:26 2018 Wednesday ,12 December

Canada standing on the wrong side of history

GMT 13:27 2018 Tuesday ,11 December

France and the crisis of democracy

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

egypt’s economy is a special case egypt’s economy is a special case

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday