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Since 2004 Egypt's growth has been accelerating in step with the launching of a series of ambitious reforms, reversing a trend during the preceding half-decade when Egypt's growth rate fell below that of most regional peers and well below that of the average developing country. This paper seeks to identify factors that held back Egypt's growth in the recent past, and explores whether recent reforms have removed the most binding constraints to allow at least a temporary growth spurt. Overall, the Egyptian reforms launched in 2004 appear to have focused well on the most critical constraints-reducing red tape and tax rates, and improving access to foreign exchange-thereby getting a strong growth response out of a limited set of reforms. However, inefficient bureaucracy remains an important obstacle to higher growth and reforms in this area should continue to have high payoffs. Ongoing reforms are also addressing constraints that are likely to become binding soon (or have become so already), such as inefficient financial intermediation and high public debt. Improvements in education may rapidly become a critical factor for sustaining higher growth.

Banks and Banking --- Exports and Imports --- Labor --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Education: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Trade: General --- Banking --- Monetary economics --- Education --- Labour --- income economics --- International economics --- Credit --- Human capital --- Export performance --- Banks and banking --- Exports --- Egypt, Arab Republic of --- Economic development --- Egypt --- Economic conditions. --- Income economics

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This paper reviews and analyzes how Morocco overcame the economic and financial crisis it confronted at the beginning of the 1980s. It highlights the challenges that still confront the Moroccan economy and the lessons that can be drawn from Morocco's adjustment experience.

Economic stabilization --- Industrial policy --- Morocco --- Economic policy. --- Business --- Industries --- Industry and state --- Economic policy --- Adjustment, Economic --- Business stabilization --- Economic adjustment --- Stabilization, Economic --- Government policy --- Exports and Imports --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Taxation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Taxation, Subsidies, and Revenue: General --- National Government Expenditures and Related Policies: General --- Trade: General --- Nonprofit Organizations and Public Enterprise: General --- Public finance & taxation --- Monetary economics --- International economics --- Currency --- Foreign exchange --- Public ownership --- nationalization --- Expenditure --- Revenue administration --- Public enterprises --- Credit --- Exports --- Economic sectors --- Money --- Income and capital gains taxes --- Taxes --- Expenditures, Public --- Income tax --- Revenue --- Government business enterprises --- Nationalization