이집트의 세계화에 대한 평가와 전망

An Evaluation and Prospect of Economic Globalization in Egypt

The purpose of this paper is to examine the process of economic globalization of Egypt and analyze the performance. This paper consists of four chapters. Continuing from the introduction, in the second chapter, this paper investigates the process of economic development before the agreement of the 1991's Economic Reform and Structural Adjustment Programme : ERSAP. It is a background for Egyptian economy to accept the economic globalization. In the third chapter, this paper analyzes the process and performance of structural reform and open policy which can be the major measures for the economic globalization. And for the conclusion, this paper evaluates the overall globalization process and its performance and indicate tasks and prospects. Entering mid-1980's, Egyptian economy revealed severe problems which indicates stagnation of economic growth, accelerating inflation rate, massive budget deficit and current account deficit, distortion of controls on prices, foreign exchange and trade. Under this circumstance, in 1991 the Egyptian government positively adopted the globalization strategies advised by IMF which is based on neo-liberalism economics. According to these globalization strategies, Egyptian government is implementing a strong structural reform and open policy such as the macroeconomic reforms to curtail inflation and reduce the current account and budget deficits, the reform of financial sector, domestic price liberalization, privatization and restructuring of public sector enterprises and liberalization of foreign trade. This paper evaluates that this globalization strategy has not revealed visible accomplishments, due to the failure of cutting back subsidies, poor progress of privatization process, retaining a variety of the barriers of trade and investment. Finally this paper suggests that it is essential to carry out strongly globalization strategy such as structural reform suitable to market economy and removing the barriers of trade and investment in order to find a way out of economic stagnation.