Egypt's growth rate to hit 2.5 per cent in 2002
Egypt, Economics, 2/19/2002
Discussing Egypt's economic conditions in light of the current slackness of growth rate, a host of experts have recently anticipated that Egypt's real growth rate would not exceed more than two to three per cent in 2001, although according to growth forecasts in 2001, it would range between 4.5 and 5 per cent.
In a seminar entitled "Egypt and the Arab World... where to?", experts, economic professors and executive chiefs have agreed that all economic problems should not be attributed alone to the September 11 attacks on the US, as recession had in fact struck global economy, especially the Japanese and the American over a year ago. Such recession, accordingly, led to a sharp decline of stock exchanges, especially that of technological indices.
Recession in the US or Japan, forming one third of the global economic force, in itself should not have raised concerns, but the problem was, however, that recession had coincided in both countries, a move that had severely affected global growth rates in general, according to experts.
Referring to the so-far stalled world trade negotiations, thanks to the failure of the Seattle gathering and the agreement reached in Doha Conference on just drawing up a timetable for a new round, experts saw that regional groupings are regarded as the best option for the Arab countries in general and Egypt in particular.
Through its distinguished partnerships with different Arab countries, the European Union, the US and Africa, Egypt can gain more privileges than what it can get through international negotiations, experts believe. For example, Egypt is still one of the largest recipients of assistance as it is considered the second recipient from the US and one of the major recipients from the EU.
Moreover, Egypt is capable, in trade negotiations with the EU, to receive the biggest agricultural quota in comparison to any other Mediterranean state.
On the whole, the Arab world is required to seriously consider common Arab economic cooperation, since such cooperation has not reached the aspired level as yet.
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