The Turnaround of the Egyptian Economy in 2014
Since January 2011, the Egyptian economy has been in a steady downward spiral. During the past three years economic growth averaged an anemic 2 percent per year, inflation was in double-digits, and the unemployment rate went from 9 percent in 2010 to over 13 percent in 2013. Finally, foreign exchange reserves of the Central Bank of Egypt (CBE) fell from over $35 billion to $17 billion in the course of the three years. It is only fair to conclude that economic performance in the last three years compares unfavorably on most macroeconomic indicators with the Hosni Mubarak years.
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