Shop for Banknotes
Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. The global financial crisis slowed the reform efforts. The budget deficit climbed to over 8% of GDP and Egypt's GDP growth slowed to 4.6% in 2009, predominately due to reduced growth in export-oriented sectors, including manufacturing and tourism, and Suez Canal revenues. In 2010, the government spent more on infrastructure and public projects, and exports drove GDP growth to more than 5%, but GDP growth in 2011 is unlikely to bounce back to pre-global financial recession levels, when it stood at 7%. Despite the relatively high levels of economic growth over the past few years, living conditions for the average Egyptian remain poor.