Egypt: A Rising Star in the World Economy

Egypt has always been famous for its pyramids, pharaohs and enticing tales of magic and the Other World. But in modern times it is one of the most rapidly emerging economies in the world. The country did indeed suffer a setback during the pre Gulf War days, but later due to the correct utilization of the debt relief funds and the International Monetary Funds arrangements settled upon it, Egypt has taken strict control of its economy and the Egyptian Government has successfully managed to control all adversities, making it one of the most developed countries in Africa. One look at the skyline of the city of Cairo and it would be hard to distinguish it from any other modern country in the world.
Causes for Development: One of the advantages that Egypt had was the interest the corporate investors too in the country. Large amounts of privatizations opened new horizons to the general people about which they were not previously even aware of. The existing industries were given a makeover, new employment opportunities and an improved educational system also helped in making the base of the country more secure. The Nile Delta, considered the richest and the most advanced area of Egypt saw the influx of new entrepreneurs. Add to that a growing tourism industry, which now has become more organized and the proper exploitation of the natural resources- Gold and Natural gas- which has huge demands in the world market.
Recent Developments: One of the most positive things about the new governing body of Egypt is that it has controlled inflation with a strict and measured hand. There was a time when inflation had risen to about 14% and now it has reduced to 8% and sometimes goes even lower. This has enabled the Egyptian people to embrace the modern life and this had been largely noticed to the sudden increase in the sales of automobiles.
Egypt has also shown marked progress in the agricultural sector, in steel industries, in the manufacture of consumer goods and other electronic appliances, in banking and insurance, and in the growth of chemical plants. It has a very organized export and import policy which takes care of any dearth that the country might have in producing itself. Especially, being a dry country, it has made remarkable progress in the use of technology for artificial irrigation and it is hard to name a crop not grown here.
Investors are pouring into Egypt now and now not only is it emerging as one of the countries to be reckoned with in near future, but are also one of the richest countries in Africa today. Combined with ancient history and modern development, Egypt is surely a rising star in the world economy.