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Egypt: Economic Situation

Foreign and Commonwealth Affairs written question – answered on 17th October 2011.

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Photo of Douglas Alexander Douglas Alexander Shadow Foreign Secretary

To ask the Secretary of State for Foreign and Commonwealth Affairs what recent assessment his Department has made of the state of Egypt’s economy.

Photo of William Hague William Hague The Secretary of State for Foreign and Commonwealth Affairs

Political transition in Egypt has opened up the potential for long needed reform to stimulate entrepreneurship and greater prosperity. The short-term impact, however, has been a sharp decline in growth due to disrupted economic activity, a weakened investment climate and a significant decline in foreign direct investment and tourism. Egypt will need to navigate through the economic downturn, with limited room for public spending and rising borrowing costs. The immediate challenge for the Government of Egypt is to fulfil public expectations and build social cohesion while preserving macro-economic stability. Restoring fiscal health and more inclusive growth which generates new jobs will be critical over the medium term.

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