From the mid-2000s to 2011, theEgyptian economy grew at a rapid pace. Yet, this economicperformance has not significantly improved thecountry's overall competitiveness, nor has this growthimpacted the masses by providing more decent jobs. In 2004,the Government of Egypt embarked on a structural reformprogram of liberalization and privatization, which, combinedwith high oil prices, booming economies in the Gulfcountries, and strong global economic growth, led to realGDP growth of over 7 percent per year between FY06 and FY08.The subsequent global financial, food, and fuel crisesdampened economic growth in Egypt to an average of 5 percentin FY09 and FY10, still a strong performance byinternational standards. However, since 2011, themacroeconomic picture has deteriorated due to unresolvedpolitical tensions and policy inflexibility.
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