The paper analyzes the impact of the recent global crisis in the context of the previous two decades' growth and capital flows. Growth decomposition exercises show that Egyptian growth is driven mostly by capital accumulation. To estimate the share of labor in national income, the analysis...

Bank credit to Egypt's private sector decreased over the last decade, despite a recapitalized banking system and high rates of economic growth. Recent macro-economic turmoil has reinforced the trend. This paper explains the decrease based on credit supply and demand considerations by 1)...

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...