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  • Author: Steven A. Cook
  • Publication Date: 04-2014
  • Content Type: Policy Brief
  • Institution: Council on Foreign Relations
  • Abstract: Egypt is experiencing a deep economic crisis. The country's foreign currency r e serves are less than half of what they were before the January 2011 uprising, threatening Egypt's ability to pay for food and fuel. Egypt's budget deficit is 14 percent of gross domestic product (GDP) and its overall debt, which is the result of accumulated deficits, is more than the country's economic output. In this difficult economic climate, roughly 4 5 percent of Egyptians live on less than two dollars per day. Inflation, which reached as high as 12.97 percent after the July 2013 military coup, is currently at 11.4 percent. Tourism revenue—traditionally a primary source of foreign currency along with Suez Canal tolls and remittances from Egyptians working abroad—is less than half of what it was in the last full year before the uprising. Foreign direct investment has dried up outside the energy sector. Unemployment remains high at 13.4 percent. Among the unemployed, 71 percent are between fifteen and twenty-nine years old. This economic weakness makes it politically difficult to address the problems that contribute to a potential solvency crisis because the necessary reforms will impose hardship on a population that is already experiencing economic pain.
  • Topic: Conflict Resolution, Economics, Regime Change, Financial Crisis
  • Political Geography: Arabia, North Africa, Egypt
  • Author: Douglas A. Ollivant
  • Publication Date: 08-2012
  • Content Type: Policy Brief
  • Institution: Council on Foreign Relations
  • Abstract: Iraq remains a fragile state deeply traumatized and riven by thirty years of war, sanctions, occupation, and civil strife. Although there are numerous positive signs of progress in Iraq—violence has fallen to its lowest level since 2003, its economy is growing modestly, oil production recently surpassed that of Iran, and foreign investment is beginning to restore infrastructure decayed by years of war and sanctions—the risk of acute instability and renewed conflict remains. Already, in the wake of the U.S. military withdrawal in December 2011, Iraq has seen a fierce political struggle between Prime Minister Nouri al-Maliki and many of his rivals in the Sunni-dominated Iraqiya parliamentary coalition, plus increasing tension with at least some segments of the Kurdish minority. For the positive trends to continue, Iraq will need to contain various threats to internal stability and weather regional turmoil that could worsen significantly in the coming months. The United States has a significant stake in helping Iraq overcome these challenges; Iraq is a critical state within a critical region.
  • Topic: Conflict Resolution, Development, Oil, Fragile/Failed State, Sectarian violence
  • Political Geography: United States, Iraq, Middle East, Arabia