Learn More about Egypt Economy
One of the most popular and important countries in the continent of Africa is Egypt and as most of you are aware this country has a good economic position compared to all other nations in the African continent.
The main reason may be because of the fact that other economies in the continent are not as developed as the Egypt economy. Some may believe that the fertile Nile valley is a boon to this country.
It is indeed a boon but the actual cause for this country for having a thriving economy is not exactly because of the Nile valley, it is because of this country’s excellent policies and reforms aimed at improving its economy.
Reforms and Policies in Egyptian Economy:
It all started when the International Monetary Fund (IMF) decided to give financial assistance to this country as it was suffering heavily due to its participation in the gulf war. Since then this country has not looked back and its development curve was always increasing exponentially.
The main reforms and policies put forth by the Egypt economy concentrated on relaxing the tax rates and also in liberalization of many private sectors.
Now, these liberalization policies did not deter the country’s progress in any way, in fact it added great value to the economy of Egypt. But the real problem is that in spite of having a good economy the population of this country is suffering a lot.
Part of the population might be suffering as badly as in any African country but overall the entire population of Egypt is having a fairly good standard of living. The main industries that contribute to the economy of Egypt are the textile industry and the tourism sector. Everyone must be aware that the Egyptian pyramids have always been a source of tourist attraction and this has really helped their cause.
Textile industry is really the main contributor accounting about ten percent of the country’s total economy.