Economic development and the structure of Egypts economy

Egypt is one of the World’s economically diversified middle-income countries with both the private and public sectors contributing to the growth of its GDP. The country has good prospects for the medium term growth based on continual structural reforms. The country also has substantial natural resources including oil and gas and rich agricultural and manufacturing sectors.Advertising We will write a custom essay sample on Economic development and the structure of Egypt’s economy specifically for you for only $16.05 $11/page Learn More The country is strategically located along the Suez Canal and utilizes its tourist industry to increase on foreign exchange earnings. The growth of the GDP in the first quarter of the year 2012 was recorded at 5.2% which was an increase from previous years. However, the GDP growth was determined to be below the average growth of 6% amidst severe political unrest that was experienced (HKTDC, 2012). The competit iveness of Egyptian economy was enhanced by the government’s implementation of floating exchange rate and the frequent depreciation of the currency. The Egyptian pound was floated in the year 2003 leading to drastic depreciation in the exchange rate. However, the government managed to avert the effects by introducing some form of control. Unified and flexible exchange rate system was enabled through establishment of what was referred to as self-regulatory inter-bank foreign exchange market. This has helped in the creation of a liquid foreign exchange market leading to stabilization of the Egyptian pound and consolidation of parallel market rates (HKTDC, 2012). The country has experienced increased export of goods between the year 2001 and 2006. The rate increased from 8% to 17% of GDP respectively. Such rate of recovery is attributed to the impacts caused by depreciation in exchange rates and recovery within the global economy. The level of import also recorded high rates bet ween the years 2001 and 2006, rising from 16% to 28% respectively (Krugman and Obstfeld, 2011). This revealed that imports were valued at higher prices. However, the effects of higher import prices could be experienced in the nature of deficit within the merchandise trade balance (HKTDC, 2012). The recent case on recession, led to the easing of Egypt’s inflation rate from 20% in 2008 to 9% in first quarter of 2012. Despite the recorded decrease over previous years, there is high expectation of increase in the rates in the near future. This is speculated from the nature of price increase on goods experienced within the global market.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Various challenges contributing to weaknesses within the global market poses a big threat to Egypt’s economy (HKTDC, 2012). Additionally, the current political instability poses a major challenge to t he economy. The recent political unrest experienced in the country made investors to shy away owing to disruption of flow of goods from manufacturing and tourism sectors. The economic policymaking may encounter significant draw-backs owing to conflict amongst various groups with arms of government. Trade Policies Egypt has been a member of the World Trade Organization since 1995 and this has helped the country to operate under liberal trade policies. The country also revamped their tariff regime upholding new tariff structure which promoted the removal of service fees and import surcharges not in agreement with WTO policies. Such move contributed towards the reduction of official tariff rates charged on commodities. Additionally, the Egyptian government made a liberating move by cutting duties for over one thousand items in the year 2007. This made the weighted rate to fall to 6.9%, making over 90% of agricultural products and approximately 85% of non- agricultural products to be ch arged less than 15%. The government highly protects automotive and textile industries, with 40% tariff being charged on imported vehicles (Krugman and Obstfeld, 2011). However, the country experienced a set-back in the agricultural sector with the government banning export of rice owing to escalating food prices in 2008(HKTDC, 2012). One of the strategies used by Egyptian government to restore sanity within its market is introducing restrictive labelling rule on imported food products. This ensures use of appropriate packages which are health conscious and at the same time capable of preserving the product’s characteristics. The labelling should be done in Egyptian national language. Such labelling include; the type of product and its brand name, country of manufacture, both dates of production and expiry, also included should be instructions and prescriptions on the usage of the product (HKTDC, 2012). The country is divided into a number of free trade zones such as Cairo, Al exandria, and Port Said amongst others. Where all commodities moving in and out of the zones are not taxed. This also applies to all exports including machinery and other equipment from the zones.Advertising We will write a custom essay sample on Economic development and the structure of Egypt’s economy specifically for you for only $16.05 $11/page Learn More The European Union and the United States are some of the biggest trading partners of Egypt (HKTDC, 2012). The import volume in Egypt recorded a 24% increase in the year 2009. However, the country experiences trade imbalances due to surplus imports. The major items of import for Egypt include; food, equipment, wood products and commodities with the United States recorded as the largest import partner of Egypt followed by China (Hill, 2006). Agricultural sector The share value of GDP from Agricultural sector is valued at 14% since 2006. The sector caters for a good percentage of the labour for ce and substantial foreign exchange earnings. Crops mostly cultivated within the agricultural regions include; cotton, wheat, rice, beans and clover. The implementation of price liberation policies gave the sector a boost making it an important player on Egypt’s economy. However, arable land is limited in Egypt despite the government plans of reclaiming minimum of 63000 hectares annually. The average demand for agricultural products has increased over the years. This is attributed to high population growth rate and also need for additional earnings from export. Over 90% of the agricultural sector in Egypt is in private hands, the public sector is mostly involved in agriculture marketing and distribution while the private sector hold big share in food distribution (Hill, 2006). Conclusion The country has given priority to industrial upgrading and technology transfer, and at the same time. The growth of the GDP in the first quarter of the year 2012 was recorded at 5.2% which wa s an increase from the previous year. However, the GDP growth was determined to be below the average growth of 6% amidst severe political unrest that was experienced improving the credibility attached to public policies. The government adopted a program known as Industrial Modernization Program (IMP), used in the upgrading of the industrial sector and assist in diversifying the country’s economy. This program is also essential for preparing the industrial sector for the challenges within the global market. Currently the industrial sector contributes averagely 20% of the GDP, hence one of the main contributors to the county’s economy. References Hill, C. W. (2006).  Global business today  (4th ed. p. 449). Boston: McGraw Hill/Irwin HKTDC. (2012). Egypt Market Profile. Retrieved from http://emerging-markets-research.hktdc.com/Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Krugman, P.R. Obstfeld, M. (2011). International Economics: Theory and Policy. (9th Edition). New York, NY: Pearson This essay on Economic development and the structure of Egypt’s economy was written and submitted by user Hallie Y. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Rupert Murdoch The Cost Of A Good Story

Rupert Murdoch The Cost Of A Good Story There was a time in the history of news reporting when factual information and accuracy in information dissemination were of the utmost importance not only to the reporter, but to the reader as well. But as technological advancements such as 24 hour cable news networks, internet newspapers, blogging, and papparazi / ambush news reporting slowly gained ground, the way that a news report is presented to the public has become haphazard and slanted.Advertising We will write a custom essay sample on Rupert Murdoch: The Cost Of A Good Story specifically for you for only $16.05 $11/page Learn More Maybe it is because the world has become a more serious place now, or perhaps it is because people no longer have the time to sit down and analyze the information being thrown at us by the news media, whatever the reason, news reporting has deteriorated to the point wherein there is no longer such a thing as a good news story. Rupert Murdoch, the American born media mogul made his fortune by changing the way the news is reported to the people. His only concern was getting the story before any other newspaper or television news network. Accuracy was never the name of his game and he made sure that his foot soldiers knew it. Of course they were only too happy to follow this kind of template. It made their job easier after all. They could say whatever they want and publish a retraction later or correction to the data contained in their report if it became necessary to do so. The media is a very powerful tool of social consciousness. Rupert Murdoch admitted as much in his interview during at the World Economic Forum in Davos, Switzerland when he attended a forum there in 2005 (Murdoch Of Fox News Admits Manipulating The News For Agenda, 2005). He described how newspapers and channels can actually set the political agenda and make people either feel a deep concern for issues, or simply disdain and disgust. It is hard to say that Rupert Murdoch is the onl y news media head to told his staff to disregard accuracy of information and simply do whatever they have to do, and that includes, phone hacking, tapping, surveillance, etc, in order to get the scoop on a hot story. Do what you have to do to get the story ahead of the competition. The more explosive the story, the more questionable the information gathered, the easier the news item becomes to manipulate and slant towards a specific agenda. People like Rupert Murdoch have brought the news world to its knees. Those who emulate his style are also to blame for the continued decline and growing public distrust of the news media be it in electronic, television, or printed form. Carl Bernstein (Murdiochs Watergate?, 2011) has tried to explain how Murdoch did this through the print media using the once respectable New York Times:Advertising Looking for essay on communications media? Let's see if we can help you! Get your first paper with 15% OFF Learn More Page Six , emblematic in its carelessness about accuracy or truth or context- but oh-so-readable- became the model for the gossipization of an American press previously resistant to even considering publishing its like. (Murdoch accomplished a similar debasement of the airwaves in the 1990s with the- tame by today’s far-lower standards- tabloid television show A Current Affair.) In a world that continues to value information security and identity theft more and more everyday, it would seem that the the very same public that wishes to remain informed are the very reason that the news media has began to violate the privacy of high profile individuals. It is because of this over interest in news personalities and the insistence on getting into the nitty gritty of a story that the news media found an opening to violate privacy laws. All in the name of news reporting. News and news personalities these days all play a highly explosive game of Im right, youre wrong. Political parties use the news networks to divide the people by presenting news that presents the positive side of their agenda and the totally negative side of the other agenda. In other words, CNN is a Democrat station and Fox is a Republican station. They do not have a middle ground. The networks do not care if the information that comes out of their anchors mouths are correct. They only care about getting their agenda out there and embedded in the minds of their supporters. Rupert Murdoch, was the master of that game. According to Forbes Magazine (Rupert Murdoch, 2011) Murdochs Fox News generated $700 million in operating profit in 2010, crushed the competition in ratings and may have put the Republicans over the top in the midterms. It is truly a sad day when the very people whom we rely on to keep us informed, the people whom we look at as the Guardians of Truth and the harbingers of peace and understanding become the very people whom we should fear the most. These days, news reports suffer from a sev ere lack of judgement and respect for the rights of the people they are reporting about. They have become very callous individuals who are only after the money that their news article, be it accurate or not, can bring in. They no longer care about reputations and destroying lives. The dollar sign has become the more dominant force in the issue. The Rupert Murdoch Phone Hacking Scandal has shown us that the media is truly out of control now. They have lost all sense of decency and need to be reined in somehow. Just as the rights of the media to access information is important, the method by which this information is obtained must also be secured.Advertising We will write a custom essay sample on Rupert Murdoch: The Cost Of A Good Story specifically for you for only $16.05 $11/page Learn More Punishments must be enacted for anybody shown to be in violation of privacy rights. Press Freedom is one thing, but they have shown that they do not know how to handle t hat freedom. Therefore, it should be well within the rights of legislators to curtail that particular freedom. It has been overly abused and it will not stop. It will only escalate further. Unless somebody stands up and tells the news media that enough is enough. References Bernstein, Carl. (2011). Murdochs Watergate?. Newsweek. Retrieved from https://www.newsweek.com/carl-bernstein-phone-hacking-scandal-murdochs-watergate-68411 n.a. (2011). Rupert Murdoch. Forbes.com. Retrieved from https://www.forbes.com/profile/rupert-murdoch/#72c308aeb1af rayzer42. (Producer). (Jan.15, 2008). Murdoch of Fox News Admits Manipulating the News for Agenda. Video retrieved from https://www.youtube.com/watch?v=0K2pLo8JV5Y

Mentoring Essay Example | Topics and Well Written Essays - 1750 words

Mentoring - Essay Example As the paper declares in several aspects, modern day relationships of mentoring are different from the past. In old times, the main objective of mentoring was just one-way transfer of extensive amount of information and awareness. The mentee used to be just a recipient and most of the times had little control or authority in this relationship. Their relationship used to last for certain days or months, and one mentee was only allowed to have one mentor. Moreover, Mentoring used to happen on only face-to-face basis. According to the report findings majority of the schools conduct number of extracurricular activities like swimming, baseball, football or soccer etc., there is no school with an extracurricular lab for computer having a computer coach to maintain it. The reactions towards various attempts to introduce mentoring for students of high schools have been spoilt with everything from lack of sympathy to opposition. An individual needs to have a teaching certificate in order to join a school as a teacher and not some new ideas or motivation. Another major barrier that female mentors come across everyday is gender barrier. From both physiological and social point of view female mentors are highly discouraged by the society. School districts with effective mentor programs actively seek accomplished veteran staff members to serve as mentors. Several stakeholders should discuss and contribute to the construction of a profile of the kind of person who would serve as a mentor. Several sources sug gest the kind of qualities to look for in a mentor.