April 18, 2014

Op-ed: Egypt’s economic siren

The inflation resulting from the devaluation of the Egyptian currency implies an increase in prices of commodities.

BY MOHAMED A. EL-ERIAN Newport Beach Facing a turbulent political situation and recurrent street protests, Egypt’s political elite would be well advised to focus on the economic implications of the current turmoil, whether they are in government or in opposition. Doing so would lead them to recognize seven compelling reasons why a more collaborative approach to solving Egypt’s problems is in the country’s collective interest, as well as in their own individual interests. First, if the social and political disorder persists, Egypt’s economy will end up with crippling inflation, severe balance-of-payments problems, and a budgetary crisis. The risk of a…

Op-ed: How to grow our economy

More important than any of the specifics is the very fact that Turkey has a vision that has led to the phenomenal growth of its economy..

BY HISHAM EZZ EL-ARAB What can Egypt learn from Turkey? (Part II)  Just a decade ago, Turkey was on the edge of state bankruptcy. The political system was paralyzed, and the Istanbul stock market had crashed. The prices of cars and computers rose 50 percent and hundreds of thousands lost their jobs. But since then, during a decade of rule by the Justice and Development Party, the Turkish economy has tripled. They weathered the global financial crisis of 2008 better than most of their peers. Now, they are looking ahead to 2023 — the hundredth anniversary of their republic —…

Op-ed: The role of religion in politics

Screen grab shows Turkish PM Recep Tayyip Erdogan speaking in Cairo mid-November.

BY HISHAM EZZ EL-ARAB What can Egypt learn from Turkey? (Part I) A common phrase in Turkey, where I have been living for the past three years, is ‘yavash, yavash.’ In English it means ‘slowly, slowly,’ and in Arabic ‘shwaye, shwaye’. It is often used in conversations about Turkey’s political transitions, which have been as massive and unexpected as those in Egypt over the past century. The popular election of the Muslim Brotherhood’s Freedom and Justice Party to a parliamentary majority, along with the unexpected success of Salafi parties, then the success of Dr. Mohamed Morsy in the presidential elections,…