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Economy |
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| The
four pillars of the Egyptian
economy are oil and gas,
Suez Canal revenues, remittances
from Egyptians working abroad and tourism. The resources are vast, but the
ever-increasing population eats them all up. Egypt had
been a feudalist economy for a very long time and prior
to the revolution of 1952, its economy was based
primarily on farming, with very little industry. |
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| The 1960’s
saw an increase in industrialization with
the construction of the Aswan
High
Dam. Under Gamal Abd-El Nasser's socialist regime, the
majority of large industries were
nationalized. In the 1970's President
Anwar El-Sadat introduce his
"Open Door
Policy" which encouraged a
free market as well as trade with Europe and the
United States. |
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| This
gradual economic reform has been
continued by President Hosni Mubarak and the 1990's
have witnessed a high degree of
privatization, in an effort to
diminish Nasser's public-sector and
introduce a new flourishing
private-sector with its own new
stock exchange in down town. The Egyptian currency
is the pound. It
comes
in half-pound notes,
one-pound notes, five-pound
notes, ten-pound notes, twenty-pound notes, fifty-pound notes
and one hundred-pound notes. |
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