Egypt, once the land of pharos dwells in North West Africa and is south of the Mediterranean Sea and adjacent to Palestine, Sudan and Libya. Egypt is one of the most populated countries in Africa and the Middle East with an estimate of 76million who live around the Nile River only.
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Half of the population live in urban areas such as Cairo, Alexandria and other major cities in the Nile banks such as Aswan. Egypt has one of the most developed economic countries in the world with sectors such as tourism, agriculture , industry and service. The Egyptian economy is rapidly increasing due to the stability of internal and external politics and with recent trade and market liberation.
The Egyptian economy consists of Agriculture, petroleum exports, media and tourism. More than 3 million Egyptians work abroad worldwide. The construction of the Aswan high dam has enhanced the agricultural growth in the Nile bank and focused a lot of the plantation around the mile making it the biggest country in the world that depends on river flow. This decreases the tension and economical stress of the country.
The Egyptian government went through a lot of struggle to make its economy up-to-date with the world’s economy. Egypt has been receiving US aid since 1979 and it has been reaching $2.2 billion yearly. Its revenues also come from tourism as well as the Suez Canal traffic.
Egypt developed energy market depending on Coal , oil , hydro power and natural gasses. Coal deposits are located in northern Egypt and are mined at a rate of 600,000 tones While oil is extracted of the dessert areas.
Egypt’s economy started to improve with the recent opening of the Egyptian Stock market and the boom of tourism. The IT sector in Egypt has a very high standard in the Egyptian world now – a – days due to the rapid increase of technology in Egypt.
The Egyptian economy hasn’t faced a big affect from the Economic crisis due to Egypt’s independency and capability of farming, manufacturing and making things itself. 40% of Egypt’s resources are exported while 10% are imported.