benefits were increased between 1 extended to temporary and non-reg
As part of social support measure social protection and other social s
cent of DP in 2010.
3. The way forward
Egypt introduced several r through monetary and fiscal policy
and then to help overcome the un 2008. Despite substantial governm
particularly strongly by Egypt’s po
Remaining challenges for E cent of GDP with an overall budge
2015. Egypt could also undertake including measures to improve pro
men and women into the labour ma need continued and concerted effor
Figure 4. Total of Egypt’s
Source: MOF, author’s calculatio
Tax cuts 6
Additional measures to
boost AD 24
45
10 per cent and 300 per cent a cost of LE 650 mil regular workers, 25 per cent of the contribution was p
res, social expenditures – which included subsidies, al spending – were increased from 13.7 per cent of G
l reforms in securing long-term fiscal sustainabilit icy, helped curtail negative effects on the economy of
unprecedented global market turmoil that took hold ment efforts, the impact of the price rise shock and t
poorest households, and youth. r Egypt’s authorities include bringing the public deb
get deficit of some 3 to 3.5 per cent of GDP by the e ke reforms that continue to improve the business a
productivity. On the labour market and social side, th market, the reduction in inequalities and social protec
forts.
’s stimulus packages breakdown LE 34.2 billion
ation
Labour mar measures
12
Infrastruc spendi
58
million. This scheme was s paid by the Government.
es, health care, education, f GDP in 2009 to 15.5 per
ility. Government action, of the price spike of 2008
old in the third quarter of d the global crisis was felt
ebt ratio to below 60 per e end of the financial year
s and investment climate, , the integration of young
tection of poor households
market ures
structure nding
58
46
References
ILOWorld Bank, 2011: Inventory of policy responses to the 2008 financial and economic crisis forthcoming.
Ministry of Finance: www.mof.gov.eg
Ministry of Economic Development : www.mop.gov.eg
Central Agency for Public Mobilization And Statistics CAPMAS : www.capmas.eg
, Copts United website, 2010: Egypts tourism weathers the storm,
http:www.coptsunited.comDetails.php?I=209A=1666 WEF report:
http:www.weforum.orgeninitiativesgcpGender per cent20Gapindex.htm .
UNDP : Egypt Human Development Report 2010 http:www.undp.org.egPortals0EHDR per
cent202010NHDR per cent202010 per cent20english.pdf .
47
Ghana’s response to the crisis
The growth of the Ghanaian economy reached 4.1 per cent in 2009 against 7.3 per cent in 2008. The global economic and financial crisis transmitted to Ghana through the decrease in the demand for exports,
increased public deficits, and macroeconomic instability. On the positive side, the solid growth of agriculture over 2008 and 2009, as well as increasing inflows of FDI help cushioning the impact of the crisis. Growth in
2010 is expected to reach pre-crisis level at 6.4 per cent. The government has managed to safeguard social expenditures during 2009 and 2010, and also to increase wages for some of the low paid public workers, but
is reducing the level of non-priority expenditures.
1. Economic and labour market overview
