Egypt and the Global Financial Crisis

Mohamed El-Hennawi, Mary Dawood

Research output: Contribution to conference (unpublished)Paperpeer-review


The world is currently in the midst of the deepest financial and economic crisis since the Great Depression in 1931. This crisis, which was initiated by the U.S. financial system in 2007 and reached the rest of the world by August 2008, is notable for its severity, speed and international span, hitting both developed and developing countries.
In this respect, this paper aims at investigating the extent of integration of the Egyptian economy in the global markets, as well as the spill over effect of the 2008 global financial crisis. An evaluation of the Egyptian economy before and after the occurrence of the crisis will be undertaken. The purpose is to identify the main causes for any perceived deterioration and to determine which are the outcomes of the global crisis and which are resulting from economic structural disorders.
Furthermore, the recent fiscal and monetary policies adopted by the government, including decisions related to public and private spending on investments, taxes, interest rates and currency exchange rates, as well as the 2004 economic and social reform plan will be assessed in terms of their effectiveness in mitigating the consequences of the crisis and improving the performance of the economy in general. The paper will also review the financial crises in selected European countries (Greece, Ireland, Spain and Italy) in order to draw lessons with regards to factors initiating the crises and the ways and means of avoiding them. In addition, a comparative analysis will be conducted to explore the “rescue packages” adopted by some countries in the Middle East and North African region to assess their effects on sustaining the economic performance in countries with similar as well as different economic characteristics.
Finally, several recommendations are proposed as to policy implications that deal with the current and possible future effects on the Egyptian economy and the measures that could be taken to avoid the repercussions of any future crises with the aim of restoring financial stability that would lead to economic recovery and secure sustainable development for the economy.
Original languageEnglish
Number of pages20
Publication statusPublished - 2010
EventAssociation of Egyptian American Scholars Conference - Cairo University, Cairo, Egypt
Duration: 26 Dec 201029 Dec 2010
Conference number: 37


ConferenceAssociation of Egyptian American Scholars Conference
Abbreviated titleAEAS Conference
Internet address


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