Egypt Economic Monitoring Note, Fall 2012

Egypt is in a precarious economic situation reflecting a difficult external environment, political uncertainty, and weak economic policies. International reserves have been declining rapidly to a low level, driven by a sizeable current account defi...

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Bibliographic Details
Main Authors:	Laursen, Thomas, Badr, Karim, Zaki, Chahir
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	ACCOUNTING ASSET RATIO BALANCE OF PAYMENTS BANK CREDIT BANK LIQUIDITY BANKING SYSTEM BILL BONDS BORROWING COSTS BUDGET DEFICIT BUDGET DEFICITS CAPITAL ACCOUNT CAPITAL FLOWS CAPITAL INFLOWS CAPITAL OUTFLOWS CAPITAL TO ASSET RATIO CASH DEFICIT CDS CENTRAL BANK CLARITY COMPETITIVENESS CONSOLIDATION CORE INFLATION CORRUPTION COURT RULINGS CREDIT EXPANSION CREDIT GROWTH CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEBT DEBT BURDEN DEBT RELIEF DEBT SERVICE DEPOSIT DEPOSIT INTEREST DEPOSIT INTEREST RATE DEPOSITOR DEPOSITS DEPRECIATION DIRECT INVESTMENT DISBURSEMENTS DISCOUNT RATE DIVIDEND DOMESTIC BORROWING DOMESTIC DEBT DOMESTIC DEMAND DOMESTIC MARKET ECONOMIC ACTIVITIES ECONOMIC ACTIVITY ECONOMIC OPPORTUNITIES ECONOMIC POLICIES ECONOMIC SITUATION ENROLLMENT EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORT CAPACITY EXPOSURE EXTERNAL BALANCE EXTERNAL DEBT EXTERNAL FINANCING EXTERNAL POSITION FINANCIAL ASSETS FINANCIAL MARKETS FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCING NEEDS FISCAL BALANCE FISCAL DEFICIT FISCAL DEFICITS FISCAL OPERATIONS FISCAL POLICIES FOOD PRICES FOREIGN ASSETS FOREIGN FINANCING FOREIGN INDEBTEDNESS FOREIGN INVESTORS FOREIGN RESERVES GOLD GOVERNANCE INDICATORS GOVERNMENT DEBT GOVERNMENT FINANCE GOVERNMENT FINANCING GOVERNMENT POLICIES GOVERNMENT SECURITIES GROWTH RATES HIGH INFLATION HOLDING ID IMBALANCES IMMUNIZATION IMPORT IMPORTS INCOME INCOMES INFLATION INFLATIONARY PRESSURES INFRASTRUCTURE INVESTMENT INTEREST PAYMENTS INTEREST RATE INTEREST SUBSIDIES INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INVESTMENT SPENDING LABOR FORCE LABOR MARKET LEGAL FRAMEWORK LENDING INTEREST RATE LENDING POLICY LIBERALIZATION LIFE EXPECTANCY LIQUIDITY CONDITIONS LOAN LOAN QUALITY LOCAL BANKS LOCAL GOVERNMENT MARKET PRICE MATURITIES MORTALITY RATE NEGOTIATIONS NOMINAL ANCHOR NON-PERFORMING LOANS OIL EXPORTS OUTPUT OUTPUT GAP OVERDRAFT OVERDRAFTS PENSIONS POLITICAL INSTABILITY POLITICAL STABILITY POLITICAL UNCERTAINTY POWER OUTAGES PREPAYMENTS PRICE HIKES PRIVATE SECTOR CREDIT PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC FINANCE PUBLIC FINANCES RAPID CREDIT EXPANSION REAL APPRECIATION REAL EXCHANGE RATE REAL EXCHANGE RATE OVERVALUATION REAL INTEREST REAL INTEREST RATES RECEIPTS REFERENDUM REMITTANCES REPAYMENTS RESERVE RESERVE REQUIREMENT RESERVES RETURN RETURNS RISK PERCEPTIONS RULE OF LAW SAFETY NETS SALARIES SAVINGS SHORT-TERM CAPITAL SOCIAL PROTECTION SOCIAL SAFETY NETS STRUCTURAL REFORMS SUPPLY SHOCKS SURPLUS T-BILLS TAX TAX RATE TAX RATES TAX REVENUE TAX REVENUES TECHNICAL ASSISTANCE TOTAL EXPORTS TOTAL EXTERNAL DEBT TRADE BALANCE TRADE DEFICIT TRADING TRADING PARTNER UNEMPLOYMENT UNEMPLOYMENT RATE URBAN AREAS WAGES WITHDRAWAL
Online Access:	http://documents.worldbank.org/curated/en/315791468234531470/Egypt-economic-monitoring-note-Fall-2012 http://hdl.handle.net/10986/27101

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Summary:	Egypt is in a precarious economic situation reflecting a difficult external environment, political uncertainty, and weak economic policies. International reserves have been declining rapidly to a low level, driven by a sizeable current account deficit and large capital outflows. Large spending increases are driving up the fiscal deficit to unsustainable levels, with high real interest rates and weak growth adding to the mounting debt burden. And weak growth is fueling social pressures. Strong financial support from Arab bilateral donors has been holding the country afloat so far, but the leaking cannot continue much longer and the authorities have been forced to seek support from the International Monetary Fund (IMF) and other donors. Egypt is in a precarious economic situation reflecting a difficult external environment, political uncertainty, and weak economic policies. International reserves have been declining rapidly to a low level, driven by a sizeable current account deficit and large capital outflows. Large spending increases are driving up the fiscal deficit to unsustainable levels, with high real interest rates and weak growth adding to the mounting debt burden. And weak growth is fueling social pressures. Strong financial support from Arab bilateral donors has been holding the country afloat so far, but the leaking cannot continue much longer and the authorities have been forced to seek support from the IMF and other donors.

Egypt Economic Monitoring Note, Fall 2012

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