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How the Global Finacial Crisis impacted Egypt
Finance & Accounting
Pages 4 (1004 words)
Name: Instructor: Course: Date: How the Global Financial Crisis impacted Egypt The 2008 global financial crisis, largely driven by the United States’ financial sector turmoil and an unprecedented escalation of food prices, overshadowed previously witnessed financial crises in terms of both intensity and spread.
One effect of the challenges was a disruption of the reforms that were later resumed in 2004. This paper will discuss how Egypt’s economy was impacted by the crisis, what the government’s response was in terms of policies, and the nation’s current economic status. An understanding of Egypt’s economy before the 2008 crisis helps in understanding and analyzing how the economy was impacted. The economic reform policies that had run from 1991 to 2007 met most of the terms set by international institutions, donors and lenders and included broader incentives to the private sector’s role in all monetary activities. The greatest negative impact was felt, rather than by the banking sector, on the real economy (Altintzis 1). This was occasioned by the fact that among the reforms that preceded the financial crisis, the government had put limits to the level of integrating the banking subdivision into the global financial system. ...
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