What type of economic system does Egypt have today?
The economy of Egypt was highly centralized planned economy under president Gamal Abdel Nasser.Following the presidencies of Anwar el-Sadat and Hosni Mubarak, Egypt’s economy was greatly liberalized.But today Egypt is having a more market-oriented economy and an alluring foreign investment.
In Egypt tourism continues to be an important industry but has been spoiled in recent years by political instability.Domestic resources meet only about 33% of Egypt’s domestic demand.
Egypt’s trade balance marked US$10.36 billion in FY2005 as compared to US$7.5 billion.Egypt’s main exports consist of natural gas and non-petroleum products such as ready-made clothes,cotton textiles,medical and petrochemical products,citrus fruits,rice and dried onion and nearly cement,steel and ceramics.
Egypt’s main imports consist of pharmaceuticals and non-petroleum products such as wheat, maize, cars and car spare parts.Italy and USA are the top export markets for Egyptian goods and services.
If somebody has more info please share.
Egypt has a capitalist economy with significant government intervention. When president Nasser was in power (from 1956 – 70), he nationalized a lot of the economy, and made it into a command economy. But every leader after him has reformed it to make it more capitalist. They still use “five year plans” though (economic planning), which are a remnant of its former command economy. The country also has a fair bit of energy… especially natural gas. It’s pretty self dependant in energy. The government also gets a lot of money from the “Suez Canal”, an important shipping canal. That’s about all I know about Egypt’s economic system. I hope this helps!
