The events of Jan. 25, 2011 ushered in a new era for Egypt, one filled with great hope, but also great uncertainty. The result was that just as Egyptians were grappling with the fundamental questions of who they were and what kind of society they wanted, they were also facing a period of economic turmoil and despair. Millions of Egyptians took to the streets in the second revolution of June 30, 2012, because both their political and economic aspirations were being frustrated by exclusive policies and fiscal mismanagement.

As commercial activity slowed and inflation skyrocketed, ratings agencies lowered their economic outlook and global investors fled. Tourism, a lynchpin of Egypt’s economy, nearly ground to a halt. By 2013, GDP growth shrank to 2.1 percent and unemployment spiked by five percentage points to 13.4 percent putting a further 850,000 mostly young Egyptians out of work. Foreign exchange reserves plummeted from $37 billion to $13.5 billion and the budget deficit ballooned to over $26 billion.

Naglaa Al-Ahwani — The Hill