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Egypt's economic boom fuels consumerism, but leaves out the poor

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Egypt's economic boom fuels consumerism, but leaves out the poor

Submitted by Khalid on Fri, 2007/11/16 - 00:07

In October, the World Bank dubbed Egypt as "World's Top Performer". It rose fast to the 126th place.

Figures for September released by the Egyptian government said growth is at 7.1%. Egypt's revenue rose as oil prices have risen, and as oil rich neighbors poured their revenue into Egypt. Foreign investment in 2006 was $5 billion, more than India.

What are the results? Rolex, BMW, and Mercedes ... Luxury items are being bought by the upper class.

No change is seen for the poor though. Their life is not impacted by this so called economic boom. Moreover, soaring inflation caused by rising prices have impacted the poor more than anyone else.

The gap between rich and poor in Egypt is widening, and that is not a good thing.

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