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Research Papers Economic Development In Egypt

Economic Growth in Egypt: Constraints and Determinants

World Bank MENA Working Paper No. 42

36 PagesPosted: 28 Dec 2005  

There are 2 versions of this paper

Date Written: October 2005

Abstract

Egypt accelerated its ongoing transition from a public sector dominated economy to a private sector led and market oriented economy after the collapse of oil prices in the mid-1980s. Some aspects of the economy, such as trade policy, have been substantially transformed since then whereas other aspects, such as public control of the financial sector, have experienced less change in substance. We examine some determinants of growth in Egypt since the mid-1980s using insights from both standard econometric techniques and a diagnostic approach proposed by Hausmann, Rodrik and Velasco (2004). We find that trends in government consumption, credit to the private sector and the average growth rate of OECD countries have been significant determinants of growth in Egypt in the past. We also present evidence that suggests that inefficiency of financial intermediation is a significant current constraint on growth.

Keywords: Economic growth, Egypt, growth diagnostic, investment, binding constraint, financial intermediation

JEL Classification: O40, O55, G10

Suggested Citation:Suggested Citation

Dobronogov, Anton and Iqbal, Farrukh, Economic Growth in Egypt: Constraints and Determinants (October 2005). World Bank MENA Working Paper No. 42. Available at SSRN: https://ssrn.com/abstract=872328 or http://dx.doi.org/10.2139/ssrn.872328

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