The Effects of the Global Economic Crisis on the Egyptian Economy (Arabic)

Abstract

The world economy is currently going through a serious financial upheaval that sparked off in the United States and has spread to Europe and the rest of the world. The crisis has already led to the collapse of influential banks and firms as well as to recession in several countries, some consider such consequences as just the tip of the iceberg and that the worst is yet to come. This paper aims to study the current global financial crisis and its impact on Egypt. To do so, it first presents an overview of the causes and consequences of the current turbulence, followed by an assessment of the depth of the crisis and its implications for the Egyptian economy, including the financial sector, balance of payments and the state budget. In addition, the paper highlights the actions taken by the Egyptian government to cope with the effects of the crisis on the Egyptian economy and concludes with some recommendations on steps to handle this crisis.