Saturday, February 19, 2011

Egypt's Economic Mess

"Mubarak's cronies controlled most of the economy. Entrepreneurship was stifled by red tape and cronyism. The country ranks No. 96 in the Index of Economic Freedom (out of 179 states), and No. 94 in the World Bank's Doing Business rankings (out of 183 countries). It also has one of the lowest start-up rates in the world. Educated workers found it almost impossible to get jobs that paid them decently for their skills (Mr Leonhardt points out that Egyptians who emigrated to the United States saw their earning power increase eightfold). Perhaps most worrying of all, the army, which now controls the country, is a major economic force, owning companies that produce everything from fire extinguishers to laptops."

Egyptian cities: Egypt's economic mess | The Economist

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