Reform Programs in Egypt – Why Have They Mostly Failed?
November 2024 2024-12-11 15:53Authors
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Reform Programs in Egypt – Why Have They Mostly Failed?
Abstract
| Egypt has implemented several economic reforms programs during the last three decades. These reforms were mainly concerned with structural adjustment policies, macroeconomic stabilization aiming to trade liberalization, improve market capacities, and attract more FDI. Despite implementing these series of reform programs, it did not significantly affect the standards of living of the Egyptians. Furthermore, the reform and development experience, in general, has been slow, selective, and mismatched. The paper contributes to the ongoing debate on the effectiveness of reform programs in achieving a sustained and more inclusive growth in Egypt. The research tries to understand the possible explanation, whether the reform performance of Egypt has been disappointing because the economy has lagged behind in terms of reforms, or due to the reform programs itself missing essential elements such as quality of institutions. In order to measure the reform effort of the countries by estimating a conditional convergence equation for economic growth, the research generates aggregated reform indicators. This approach allows computing control variables identified by Barro (1995) into six separate groups over the period 1990 to 2020. |
English 
Arabic 