The socio-economic problems in Egypt: is the way out of the crisis possible?

Abstract

Currently, the Egyptian economy has quite problematic times. On one hand, coming to power of the military in 2014, who brought down President Morsi, and the association «Muslim Brotherhood», President-elect Al-Sisi’s promise to reform socio-economic policy, was meant to lead the country out of the indefinite political chaos and return stability; on the other hand, the country’s Government’s recent actions say about short-sightedness of their economic steps. It must be pointed out that perhaps not enough flexible system of the interaction between the authorities and people, the corruption in the bureaucracy impede significant state reforms. In doing so, the financial interests of some major dominant groups are put before the interests of the general population of the country, including the middle class of the business community. Solving problems and searchingfor the way out of the crisis must be primarily performed by the Government by finding domestic economic potential, adoption of large-scale programmes aimed at the modernization of the competitive domestic market, provision constant financial links for the small and medium-sized businesses to satisfy necessary socio-economic needs of the state.