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Egypt's economy depends mainly on agriculture, media, petroleum exports, and tourism; there are also more than 5 million Egyptians working abroad, mainly in Saudi Arabia, the Gulf area like UAE, and Europe. The United States as well has a large population of Egyptian immigrants. The completion of the Aswan High Dam in 1971 and the resultant Lake Nasser have altered the time-honored place of the Nile River in the agriculture and ecology of Egypt. A rapidly-growing population (the largest in the Arab world), limited arable land, and dependence on the Nile all continue to overtax resources and stress the economy. The government has struggled to prepare the economy for the new millennium through economic reform and massive investments in communications and physical infrastructure. Egypt has been receiving U.S. foreign aid (since 1979, an average of $2.2 billion per year) and is the third-largest recipient of such funds from the United States following the Iraq war. Its main revenues however come from tourism as well as traffic that goes through the Suez Canal. Economic conditions are starting to improve considerably after a period of stagnation due to the adoption of more liberal economic policies by the government, as well as increased revenues from tourism and a booming stock market. In its annual report, the IMF has rated Egypt as one of the top countries in the world undertaking economic reforms. |
Egypt Information: Inside
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