January 24, 2013
Egyptian Economy in Disastrous Condition
Amitai Etzioni, The National Interest
The Western media faithfully reports every twist and turn in the evolution of the Egyptian democracy: President Morsi decreed today . . . The supreme court ruled that . . . Parliament resolved . . . Demonstrators demanded, and so on. But the main dynamic in Egypt at this stage is an economic one. Unemployment is rampant, the economy is in the doldrums, tourists are avoiding the country, foreign-currency reserves are being depleted and funds promised by various Arab and Western supporters are at best trickling in. 40 percent of the Egyptian people live on fewer than two dollars a day. 25 percent survive on less than one.