The Atlantic Council, April 15th 2012
There were many reasons that Egyptians supported the revolution when it occurred in early 2011. Lawyers usually did so out of a desire to reform the legal system or draft a new constitution. Others were angry about the use of torture by the police and security forces. But for many – perhaps even the majority – it was based on nothing more than a vague hope that a new system would bring something better, especially from an economic perspective.
Yet two years later, not only has that hoped-for revival failed to materialize, Egypt’s economy actually is significantly worse-off, plagued by a climate of chaos and uncertainty that is causing investors to withdraw their capital from the country, leading to the ongoing devaluation of the Pound and an even greater unemployment problem than the one that significantly contributed to the Revolution in the first place.
Yet two years later, not only has that hoped-for revival failed to materialize, Egypt’s economy actually is significantly worse-off, plagued by a climate of chaos and uncertainty that is causing investors to withdraw their capital from the country, leading to the ongoing devaluation of the Pound and an even greater unemployment problem than the one that significantly contributed to the Revolution in the first place.
Unless the new government quickly enacts real job-creating economic reforms, the Revolution’s fate itself is in jeopardy, as popular support for a return to Mubarak-style authoritarianism, which to many Egyptians at least had the benefit of bringing a degree of certainty and stability, will continue to grow......
