Source: Middle East Institute
Author(s): Mohammed Soliman
Original Link: https://www.mei.edu/publications/egypts-path-forward-pandemics-economic-fallout
Today marks almost three months of a global shutdown to curb the spread of the COVID-19 pandemic, and the Middle East and North Africa (MENA) region faces a double whammy from the resulting economic fallout and the sharp decline in oil prices this spring. While Egypt is rightly focused on its short-term response to the crisis, the pandemic is changing the global landscape both geopolitically and economically. The “Great Decoupling” between the U.S. and China looks like a reality. Economists support increasing government spending to save the economy, and state-backed enterprises — so-called national champions — are likely to be the coming trend. As a prominent emerging market, Egypt should take advantage of the international and regional shock caused by the pandemic to change its growth model for the longer term and implement much-needed structural reforms to the economy on a variety of fronts.
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