Egypt GDP Growth to Slow ‘Significantly’ After Revolt, IMF Says
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By Vivian Salama

April 11 (Bloomberg) -- Economic growth in Egypt will slow “significantly” and political unrest spreading across the Middle East and North Africa will hurt other economies in the region this year, the International Monetary Fund said.

Egypt’s gross domestic product will expand about 1 percent, the IMF said in its World Economic Outlook report released today, cutting the forecast from 5 percent after the uprising that ousted President Hosni Mubarak in February. The economy of Tunisia, where Zine El Abidine Ben Ali was driven from office a month earlier, will grow 1.3 percent this year, the IMF said. Average growth across the region is projected at 4.1 percent.

“Political discontent, high unemployment, and rising food prices are causing social unrest in a number of countries, which is likely to dampen their short-term growth,” the fund said. “Spreading social unrest, rising sovereign risk premiums, and elevated commodity import prices will constrain growth prospects in several MENA economies.”

Almost four months after a 26-year-old vegetable seller set himself on fire in despair over Tunisia’s social, political and economic conditions, protesters in a half-dozen countries are trying to sweep away regimes that have ruled for decades. While Tunisia and Egypt are the only two nations to have toppled their leaders, Libya is embroiled in a civil conflict and unrest in Syria, Bahrain and Yemen has left hundreds dead and sent crude prices soaring 23 percent this year.

Libya Excluded

The IMF excluded Libya from its projections due to political uncertainty after almost two months of fighting between troops loyal to President Muammar Qaddafi and rebels in the North African country, holder of Africa’s largest oil reserves.

The region’s crude exporters have better economic prospects as prices rise and governments attempting to placate protesters spend more of their oil revenue, the IMF said, forecasting 5 percent growth among those nations. Qatar, holder of the world’s third-largest natural gas reserves, is forecast to grow by 20 percent this year and Saudi Arabia, with the world’s largest oil reserves, by 7.5 percent.

“Higher commodity prices and external demand are boosting production and exports in many economies in the region,” the IMF said. “Government spending programs are continuing to foster recovery in many oil-exporting economies.”

Saudi Arabia’s King Abdullah, seeking to prevent the regional unrest from spreading into his absolute monarchy, announced new spending plans on March 18 including $67 billion on housing.

Economic growth in Iran is expected to stall this year as subsidies for energy and other products are phased out, a measure that will yield benefits in the medium term, the IMF said. The plan will push Iranian consumer prices up 22.5 percent this year, giving it the highest inflation rate in a region where the average will be 10 percent, it said. The IMF forecasts inflation of 11.5 percent in Egypt and 6 percent in Syria.

To contact the reporter on this story: Vivian Salama in Abu Dhabi at vsalama@bloomberg.net.

http://noir.bloomberg.com/apps/news?pid=20601116&sid=arSwtrwm7vu0

^^

So was the revolt good for Egypt?. . only time will tell

suffice to say that a drop from Mubaraks pre revolt growth rates of 7% to about 1% now post Mubarak. . is simply not good. . .

Short-term losses for long term gains. Sure the 7% GDP growth during Mubarak looks good on paper, but the massive corruption during his reign showed otherwise. Hopefully the Egyptian political situation becomes more stable and transparent so economic gains in the future are more felt by the population at large.

This forum and wikipedia is the only place where the IMF is taken seriously. Seriously speaking, majority of Africans need to be nuked for being primitive idiots.

Well until a better alternative that is widely accepted is found, we all have to make due with the IMF.

As much as economic progress/growth is wanted by most in all countries, if its not reaching the majority through corruption and cronyism then its quite worthless.

Short-term losses for long term gains. Sure the 7% GDP growth during Mubarak looks good on paper, but the massive corruption during his reign showed otherwise. Hopefully the Egyptian political situation becomes more stable and transparent so economic gains in the future are more felt by the population at large.

You said what i was going to :applause:

Even if Egypt's GDP is $500 billion thanks to Mubarak the people are poor and the infrastructure is old and worn out, not to mention that he stole most of the money anyway.

its a one off cost, GDP growth should rebound in 2012

Egypt and Tunisia need time..

Indonesia was after the revolution a big chaos. The economy collapsed, no tourism etc. But a couple years later they became stronger than ever. Indonesia is now a new economic power ..
11 years ago Jakarta looked like crap, now you see everywhere towers, malls, industrial parks rising..

Some say that a revolution, war or disaster is often good for a country..Because rebuilding a country is good for the economy.

Check Germany , Japan etc after the Second World War, Indonesia after their revolution, Russia after their revolution in the nineties, Vietnam, Balkan, Eastern-Europe etc

^^

So was the revolt good for Egypt?. . only time will tell

suffice to say that a drop from Mubaraks pre revolt growth rates of 7% to about 1% now post Mubarak. . is simply not good. . .

Is that even a question? :crazy:

So let's say there was no revolution, what "good" is there in 7% annual GDP growth that never trickled down to the average Egyptian, but billions hoarded away in corruption, 40% of the population living on $2 a day, and horrible health and education infrastructure. Not to mention the absolute dictatorship it was!

Obviously there will be short term losses, but it's DEFINITELY worth it! I'd definitely choose to grow by 2% only if it meant getting rid of a dictatorship! The long term gains will outweigh the short term losses.

In the long-term, Egypt will rebound even stronger than before, and this time, everyone will feel the wealth, and the country will develop at unprecedented levels. Open governments, and open societies, empowering the people who are the country's greatest resource.

Economists say Egypt’s revolution could lead to long-term growth

Short-term economic effects of the 25 January uprising have included price hikes in some staple goods and a stand-still in some major sectors of the economy such as tourism.

Some analysts and social workers believe these effects are the result of a temporary shock to the system, but that the potential long-term economic benefits of political change could far outweigh recent short-term losses.

The recent price increases have left Cairo residents with an unsettled feeling concerning the revolution’s effects. “Economic shocks such as this will undoubtedly lead to price increases,” said economist Mahmoud Abdel Fadeel.

In some places, prices of vegetables and propane tanks more than doubled at times during the last two weeks. MP Fathi Gleed said he and his staff were working to provide propane tanks at LE4 to his neighborhood Manial when he found out that other vendors were selling them for up to LE25. “Most of the price increases are a result of opportunistic middlemen hiking them up,” Gleed said.

Vegetable sellers in the area complain of similar problems. “We only buy from one seller in the nearby market. He raises his prices, and it affects everyone in the neighborhood, buyers and sellers,” said Anwar, a vegetable vendor.

Tourism and the stock market have experienced paralysis over the past two weeks.

Economists say the stand-still is a result of the government’s response to the protests, rather than a direct result of the protests themselves. “It’s because of difficulties with transportation by the government-imposed curfew. There’s also the added effect of lawlessness and police disappearing that might have caused some shops to close,” said Abla Abdel Latif, professor of Economics at the American University in Cairo.

“Issues regarding tourism and transportation are temporary. There’s no indication of chronic shocks to either sector,” she added.

Many of the ills exhibited by the economy since 25 January are seen by some as a near continuation of the dire economic state Egypt has found itself in since the beginning of Mubarak’s regime thirty years ago. “There’s been a near stand-still for the past 30 years,” said Gouda Abdel Khaleq, professor of economics at Cairo University.

On the contrary, they see a potential upside to the revolution--if it is successful--propelling the country in a positive direction. “What’s happening now is transforming people from subjects into active citizens. I believe that if the revolution succeeds, Egypt will experience an economic boom--aided by the country’s immense resources--as a result,” said Abdel Khaleq.

Egypt has a relatively low rate of labor productivity. “One of the potential upsides is that labor productivity increases when the system’s cathartic atmosphere changes as a result of the revolution,” said Abdel Latif.

International investment has not lost faith in Egypt, she added. “I think that if the revolution is successful, they’ll have more confidence in the economy afterwards.”

Abdel Latif, along with many other economists, believes that the government deliberately neglected development, agriculture, unemployment, and education. “The regime was responsible for all the government’s ills,” Abdel Latif said.

One of the main concerns of the 25 January uprising is eliminating corruption and ensuring the existence of a representative government that introduces and implements positive economic measures to improve the per-capita GDP as well as the distribution of wealth.

“Historically, popular uprisings that lead towards democracy have a positive effect on economies. Unless the 25 January uprising is completely crushed, it is likely to at least lead to some sound policy changes,” said Sherif Younis, professor of modern history at Helwan University.

Economic historians tend to link economic prosperity with democracy, and in Egypt, observers believe that the 25 January uprising has caused a tectonic shift in local policy.

“We are at a profound transformation point. Don’t believe the lies that any of the losses will be permanent,” said Abdel Khaleq.

Abdel Latif believes that the length and manner of this transitional period will have a decisive impact on the revolution’s long-term effects.

“If the result of this revolution is a quick transition, reform will surely propel the country forward economically.”

http://www.almasryalyoum.com/en/node/312945

Usually after a revolution or war , there is what they call Marshal Plan or Recosntruction. as # 1 Priority.

So , yes it already slowing down due to events. and there are also going to be lots of changes in how the economy will be run in the Marshall or Reconstruction phase.

I sense a very fast growing economy by at latest next summer.

Can someone ban Mutu ya Chuma?

^^ It will be disabled today, Butembo got a new password.

Very interesting. We have here in Finland same problems like people in North Africa high unemployment rate 8-9 % (young people much higher) Food is really expensive here I'm sure that it is costlier than it is in North Africa but still people don't revolt here, don't say a word. People in here are chickens.

North Africa have good future if they can keep Muslim fundamentalist in order.

Only sky is limit with such young population.

Very interesting. We have here in Finland same problems like people in North Africa high unemployment rate 8-9 % (young people much higher) Food is really expensive here I'm sure that it is costlier than it is in North Africa but still people don't revolt here, don't say a word. People in here are chickens.

North Africa have good future if they can keep Muslim fundamentalist in order.

Only sky is limit with such young population.

It's still very different, the salaries in Finland are very high, the poverty is low and the HDI in Finland is also very high. That's opposite of the situation in North Africa.

C'mon how disingenuous. Egypt just had it's revolution less than 2 months ago, it takes a while for things to get back to normal. And even if they do have a few slow quarters or year, if it leads to more effective and efficient governance in the medium/long term it's totally worth it. No matter how legitimate and "good' a revolution is their will always be a period of uncertainty that will affect Economic performance.

I think Egypt handled the situation as well as possible, relatively little violence and destruction of it's economic pillars. Tourism is hurting but in a few months it will pick up again, what Egypt has will always bring in visitors.

im already planning a trip to egypt :D

im already planning a trip to egypt :D

Honestly you could probably get some amazing packages for Egypt this summer. For one, the summer time it's so hot I don't know why anyone would want to go, I went in early March and I nearly died, I almost collapsed at the Valley of Kings. But with the recent instability I'm sure prices are even lower.

^^

So was the revolt good for Egypt?. . only time will tell

suffice to say that a drop from Mubaraks pre revolt growth rates of 7% to about 1% now post Mubarak. . is simply not good. . .

You have no clue, boy.

Egypt's growth rates were manipulated, masterminded and engineered by the corrupt and scrupulous regime.

C'mon how disingenuous. Egypt just had it's revolution less than 2 months ago, it takes a while for things to get back to normal. And even if they do have a few slow quarters or year, if it leads to more effective and efficient governance in the medium/long term it's totally worth it. No matter how legitimate and "good' a revolution is their will always be a period of uncertainty that will affect Economic performance.

I think Egypt handled the situation as well as possible, relatively little violence and destruction of it's economic pillars. Tourism is hurting but in a few months it will pick up again, what Egypt has will always bring in visitors.

Well put. all infrastructures were untuched . Its a matter of 3-4 quarters and they are back in business. Tourists will start flooding the again and i think they will breack records due to the revolution.

I'd rather have a 1% growth as you said but the average. Egyptian felt that growth. In fact look at the global crises most countries had a negative growth, now a local economical crises and we still have a positive growth this show you Egypt's true potentials.

Look at the stock exchange it's almost halfway fully recovers in just less than a week!

the only issue I can really think of that stopping us from moving forward is some security problems. And they currently been solved by local famous figures. There was a proposal I'm not sure how far it went. The point is the different before 25 and after 25 is that before 25 it was just those elites on power who really benefited from the growth and so locals didn't bother much, but now a 1% is a 80% growth for Egyptians. Everyone contribute with proposals and ideas everyone is work hard, the actual population is contributing in the reform and recovery because they know they will benefit from the 1% growth.

I remember reading an article somewhere saying that in Mubarak's Egypt, something 60% of the country's wealth went to the richest 20% of the population. And 20% of the wealth went to the poorest 20% of the population. Not exactly sure about the numbers, but it was something like that.

of what i ve seen the growth was good for the governement and moubarak and the rich in that country.

now things will change and egypt will go back to high growth but this time everrybody will het his peace of the cake.

im verry optimistic about egypt and tunisia future success but i don't know about lybia.

I remember reading an article somewhere saying that in Mubarak's Egypt, something 60% of the country's wealth went to the richest 20% of the population. And 20% of the wealth went to the poorest 20% of the population. Not exactly sure about the numbers, but it was something like that.

if is that the case, it's pretty good, cause in rich countries like the US, only 2% controle 40% of the money. :lol:

i think your numbers were not right.

Maybe Egypt should take some lesson from Morocco.

I just returned from Morocco last month, and was very impressed :cheers:

On paper, Morocco's per-capita GDP is lower than Egypt, but Morocco has good infrastructure, cities are clean & very neat , the vast majority housing/residentials I came across are in very good shape , and minimal poverty coming to sight. Moroccans have good discipline - people drive well & personal hygiene is taken seriously by Moroccans . Tourism frontliners are very, very kind & very generous in Morocco :)

Morocco is maybe a great example for relatively low income but income is nicely translated into well-being of people.

As for Egypt, I think it is not a good idea to crowd people into very tiny Nile area. Why don't they develop new cities far from the Nile ?

Maybe Egypt should take some lesson from Morocco.

I just returned from Morocco last month, and was very impressed :cheers:

On paper, Morocco's per-capita GDP is lower than Egypt, but Morocco has good infrastructure, cities are clean & very neat , the vast majority housing/residentials I came across are in very good shape , and minimal poverty coming to sight. Moroccans have good discipline - people drive well & personal hygiene is taken seriously by Moroccans . Tourism frontliners are very, very kind & very generous in Morocco :)

Morocco is maybe a great example for relatively low income but income is nicely translated into well-being of people.

As for Egypt, I think it is not a good idea to crowd people into very tiny Nile area. Why don't they develop new cities far from the Nile ?

Of course though, its precisely that same very high rate of population density, growth & overcrowding that's high on the list of root causes of the Egypt's present challenges that you've mentioned.

You have no clue, boy.

Egypt's growth rates were manipulated, masterminded and engineered by the corrupt and scrupulous regime.

Am sorry but i could have sworn that lots of Egyptians on this forum were here boasting about that growth. . and trying to compare with South Africa and Nigeria as to who will be the largest economy in Africa

Now the same ppl claim they are happy with 1% growth. . lol. .

u can accuse me of anything but at least i am consistent. . i wish some of our Egyptian friends were

There's no proof that the growth was manipulated. We are saying that the people never saw the growth, even if the country had a high GDP a large chunk of the population remains poor and the infrastructure is worn out and the government is stealing the money that should be used to fix that. Sure 6% growth is nice but if the people don't benefit the growth is worthless.

If we get an effective government our growth will probably be higher than ever the next few years.

In a few years South Africa wont be the largest economy in Africa and Nigeria still has a long way to go before they become the largest economy in Africa.

Am sorry but i could have sworn that lots of Egyptians on this forum were here boasting about that growth. . and trying to compare with South Africa and Nigeria as to who will be the largest economy in Africa

Now the same ppl claim they are happy with 1% growth. . lol. .

u can accuse me of anything but at least i am consistent. . i wish some of our Egyptian friends were

:lol: egypt and tunisia even with a revolution and all the thing hapening will have a growth, and that show the power of tunisia and egypt economies.

look at the price of oil, and the world economy that is going of crises, im talking about countries who don't have oil.

so yeah now im even more sure that egypt will compete for that first place. :lol:

Of course though, its precisely that same very high rate of population density, growth & overcrowding that's high on the list of root causes of the Egypt's present challenges that you've mentioned.

There's no proof that the growth was manipulated. We are saying that the people never saw the growth, even if the country had a high GDP a large chunk of the population remains poor and the infrastructure is worn out and the government is stealing the money that should be used to fix that. Sure 6% growth is nice but if the people don't benefit the growth is worthless.

If we get an effective government our growth will probably be higher than ever the next few years.

In a few years South Africa wont be the largest economy in Africa and Nigeria still has a long way to go before they become the largest economy in Africa.

True, overcrowding & infrastructure are two big issues for Egypt.

Again on paper, Yemen supposed to be the poorest country in MENA but what I saw in Yemen overall is actually better than in Egypt, as Yemenis are more spread out all over the country , thus there is more space to build/plan proper housing and avoid bad pollution caused by high human concentration. While EGypt has 6-lane highways and Yemen doesn't, inter-state roads in Yemen are in much better shape than in Egypt - less potholes, look brand-new partially thanks to recent infrastructure fund flow from the Gulf.

Infrastructure in Egypt is just too old . It may be true that the GDP growth is not manipulated, and if so, the infrastructure fails miserably to keep pace with the rise in wealth.

Egypt is not really a poor country- people has more cash than say, in Morocco, Yemen or India, but its serious overcrowding and little investment in infrastructure make it look like a "very under-developed country". ^^

Egypt Pound Drop May Raise Debt Cost as Nation Seeks IMF Aid (1)
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By Alaa Shahine and Ahmed A Namatalla


April 21 (Bloomberg) -- Egypt’s pound may drop to a record low this year as economic growth slows the most in almost two decades, prompting foreign investors to snub local-currency debt and pushing up the government’s borrowing costs.

The currency, which fell to a six-year low of 5.9758 against the dollar on March 30, may drop to 6.3 by the end of this year, according to the median of five estimates compiled by Bloomberg this month. That’s a depreciation of 5.5 percent from today’s spot rate of 5.9545 at 11:48 a.m. in Cairo. The average yield on nine-month treasury bills surged 206 basis points, or 2.06 percentage points, since the start of a popular revolt on Jan. 25 to 12.52 percent yesterday, the highest since November 2008.

The rising borrowing costs and a budget deficit the government expects to widen to a six-year high have prompted Finance Minister Samir Radwan to turn to the International Monetary Fund and the World Bank for as much as $6.2 billion of loans. The Finance Ministry, facing an economy that shrank 7 percent last quarter after a revolt that toppled President Hosni Mubarak, is stepping up sales of fixed-income securities to local banks.

“If negative political headlines increase, more depreciation risk is imminent,” said Sergey Dergachev, who helps manage the equivalent of $8.5 billion in emerging-market debt at Union Investment Privatfonds in Frankfurt. “For a foreign investor in treasury bills that would be a hit and investment over one year is also not juicy since budget deficit financing is a key worry. I sold my entire stock at the end of January and do not plan to re-enter the market soon.”

Worst Performer

Twelve-month non-deliverable pound forwards, or NDFs, which provide a guide to expectations, traded at 6.535 to the dollar, reflecting bets the currency will weaken 8.9 percent. The pound has depreciated 2.5 percent this year against the dollar, the worst performer among 11 currencies in the Middle East and North Africa. It dropped 5.5 percent last year.

The central bank has “intervened” on the domestic currency market to stem declines, Deputy Governor Hisham Ramez said Feb. 8. The regulator doesn’t have a target exchange rate, he said.

Egypt’s net international reserves fell 16 percent to $30.1 billion in the first quarter, the biggest such decline on record, according to Bloomberg data. Foreign investors held 57.7 billion pounds ($9.7 billion) in treasury bills before the uprising, central bank data show. They trimmed their holdings by $7.5 billion in the two months ending March 31, Cairo-based Al Masry Al Youm newspaper reported on April 3, citing Central Bank Governor Farouk El-Okdah.

Supporting the Currency

“If we see reserves continuing to fall at the pace they did in the first quarter, there would be concern because it would mean that capital outflows are continuing and the central bank is still supporting the currency,” Richard Fox, the London-based head of Middle East and North Africa Sovereign Ratings at Fitch Ratings, said April 19.

London-based Barclays Plc and Bank of America Merrill Lynch expect the pound to weaken to 6.3 per dollar by year-end, according to data on Bloomberg. Standard Chartered Plc, the U.K.’s bank that earns most of its profit in Asia, has its target at 6.31 per dollar.

The central bank kept its benchmark interest rate at 8.25 percent on March 10, the lowest in more than four years. It introduced regular repurchasing agreements last month, setting the rate of seven-day repo at 9.25 percent.

Financing Bets

Egypt needs as much as $4 billion from the IMF for the remainder of this fiscal year, which ends in June, and for 2012, Radwan said in Washington D.C. April 18. The government is also seeking about $2.2 billion in soft loans from the World Bank, according to the state-run Middle East News Agency.

Economic growth will slow to as little as 1 percent this year, the IMF said in its World Economic Outlook report on April 11, the lowest annual rate since 1992, when the economy expanded 0.3 percent according to IMF data. The budget deficit may widen to 9 percent of gross domestic product from 8.1 percent in 2010, the highest level since the fiscal year that ended in June 2005, according to Finance Ministry data.

The ministry plans to sell 135 billion pounds in domestic debt this quarter, 15 percent more than in the same period a year ago, according to an issuance calendar on its website.

“My worry here is that this huge supply pressure will lead to more pressure on yields, making them less valuable for their holders,” Union’s Dergachev said.

Rising Yields

The yield on the 5.75 percent debt due in April 2020 soared to as high as 7.21 percent on Jan. 31. The rate was yesterday at 6.54 percent, or 107 basis points higher than at the end of 2010. The extra yield investors demand to hold Egypt’s dollar bonds over U.S. Treasuries climbed to 337 basis points on April 20, compared with 298 basis points for emerging markets today, according to data compiled by Bloomberg.

The political upheaval will “inevitably keep rates under upward pressure, particularly if the economic slowdown also means that the government’s borrowing needs are higher,” said Simon Williams, the chief Middle East economist at HSBC Holdings Plc in Dubai. “Given how uncertain the political environment is, though, I’ve been struck by how smoothly the auctions have gone and how modest the pick-up in yields has been.”

Moody’s Investors Service cut Egypt to Ba2 on Jan. 31 and to Ba3 on March 16, the third-highest non-investment ranking. Standard & Poor’s has a negative outlook on the nation’s BB rating, the second-highest junk grade. Moody’s cut the outlook on Egyptian banks to negative from stable on April 19, citing “relatively high exposure” to government debt. Local banks may increase their holdings because they will “likely continue to finance the government’s growing deficit as foreign investors are reducing their exposure to Egypt.”

The budget gap “is still manageable for the short terms,” Mona Mansour, a director of research at CI Capital, a Cairo- based investment bank, said by telephone. “But we cannot continue like this. It will affect the sovereign rating of the country.”

To contact the reporters on this story: Alaa Shahine in Dubai at asalha@bloomberg.net; Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

http://noir.bloomberg.com/apps/news?pid=20601116&sid=aVkngIt3eeGc

This forum and wikipedia is the only place where the IMF is taken seriously. Seriously speaking, majority of Africans need to be nuked for being primitive idiots.

while u ignorantly abuse the IMF. . Egypt is already asking for loans from it and the world bank. . meanwhile its economy shrank by 7%. . .in the first quarter. . .

and capital flight is increasing rapidly as reserves dwindle

again was the revolution and overthrow of mubarak worth it?. .

:cripes:

Of course it's fucking worth it, freedom and democracy is worth more than that.

The economy didn't shrink 7%, source?

again was the revolution and overthrow of mubarak worth it?. .


We have nothing to lose... Even with the 7%, none was taking advantage.

:cripes:

Of course it's fucking worth it, freedom and democracy is worth more than that.

The economy didn't shrink 7%, source?

The rising borrowing costs and a budget deficit the government expects to widen to a six-year high have prompted Finance Minister Samir Radwan to turn to the International Monetary Fund and the World Bank for as much as $6.2 billion of loans. The Finance Ministry, facing an economy that shrank 7 percent last quarter after a revolt that toppled President Hosni Mubarak. . .

^^
from article

That can't be true because last time I checked Egypt's economy only decreased $4 billion until now.

Egypt economy will shrink in short time.... But it will be benefic long term.

Maybe Egypt should take some lesson from Morocco.

I just returned from Morocco last month, and was very impressed :cheers:

On paper, Morocco's per-capita GDP is lower than Egypt, but Morocco has good infrastructure, cities are clean & very neat , the vast majority housing/residentials I came across are in very good shape , and minimal poverty coming to sight. Moroccans have good discipline - people drive well & personal hygiene is taken seriously by Moroccans . Tourism frontliners are very, very kind & very generous in Morocco :)

Morocco is maybe a great example for relatively low income but income is nicely translated into well-being of people.

As for Egypt, I think it is not a good idea to crowd people into very tiny Nile area. Why don't they develop new cities far from the Nile ?

0___0

are you sure it was morocco ? :lol: you can easily get lost and visit Spain :lol:

true that there is some nice cities, but oh well we got our share of dirt , slums and poverty ;)

tbh morocco isn't that well managed there is a lot of corruption going on , but we dont have much inflation , its kept always around 1-3% so its pretty good for people , on the other hand 9-15% inflation in Egypt that means people lost like 25% of their income in the last 2 years thats ridiculous !

That can't be true because last time I checked Egypt's economy only decreased $4 billion until now.

Sorry to tell you the bad news but it DID shrank 7% in 4 months!

though all what we see today, what the ministers are doing it's really make me ignore the down fall, it has to happen but the good thing is that we're working to bring it back up.

source is here, http://af.reuters.com/article/investingNews/idAFJOE73K0EE20110421

Omg Paddylo, I don't know how you can even ask "Was the revolution worth it"

I don't understand how anyone can doubt if it was worth it. Things like these are priceless.

Smh

Sorry to tell you the bad news but it DID shrank 7% in 4 months!

though all what we see today, what the ministers are doing it's really make me ignore the down fall, it has to happen but the good thing is that we're working to bring it back up.

source is here, http://af.reuters.com/article/investingNews/idAFJOE73K0EE20110421

But all the economists predicted that Egypt's growth would be 1-2% this year, so technically that would be 8-9% or is it 1-2% on the current GDP?

Honestly according to the link posted if Egypt ends up growing 3% this year, considering they had a revolution I would consider that pretty remarkable. It positions themselves for higher growth in 2012. Paddlyo has a very superficial mentality to just look at a few numbers in the short term and question whether to live free from oppression is worth it.

Omg Paddylo, I don't know how you can even ask "Was the revolution worth it"

I don't understand how anyone can doubt if it was worth it. Things like these are priceless.

Smh

Its shocking for anyone in the world. Especially someone from Africa , to say question if a "Revolution is worth it".

@Paddylo.

Every struggle, revolution , has a price. The people forgot everything and sacrificied to gain freedom and to end the moronic regime which has been clogging the country's development for decades.

worth it? Hell to the yes. I whish me country has it as we speak.

Again was the revolution and overthrow of mubarak worth it?. .

Is the Pope a catholic?

How shallow and clinical your observations are. You appear to be deploying dubious quantitative parameters to question the overwhelming sense of liberation. The effect of the revolution has no price.

Omg Paddylo, I don't know how you can even ask "Was the revolution worth it"

I don't understand how anyone can doubt if it was worth it. Things like these are priceless.

Smh

I dont know. . .Zimbabwes economy has shrunk for the better part of the last 10yrs. . just because they disrupted how things were in the country

Same in Ivory coast. .

Maybe i am too focused on numbers. . but a shrinking economy ends up leaving everyone poorer. . and does no good for the protesters in the first place. .

Egypts future can only be assured if it maintains sound conservative economic policy and not pander to unions and other forms of social spending

Also the extremists must not get into power. .

so ill say its too early to make a call (if its worth it), either way. .

perhaps we will have to wait for 3yrs or more. . and after you guys elections to throw up the V sign

Is the Pope a catholic?

How shallow and clinical your observations are. You appear to be deploying dubious quantitative parameters to question the overwhelming sense of liberation. The effect of the revolution has no price.

+100000000000

Please respect the pope, because i am catholic roman

Aren't all brazilians catholic?