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Invest in the MEDA region, why how ?
dynamic private sector, involving a greater inflow of foreign
direct investments. GDP real growth rate passed from 4.1% in
2002 to 6.8% in 2003 and eventually stabilised around 5% since
then (5.2% in 2004, 5.4% in 2005 and 4.4% in 2006), thanks to
rising hydrocarbons production levels and prices. This
reinforced the already appreciable surpluses of the current‐
account balance (the hydrocarbons –based external income
represented 97% of the export earnings from final goods and
services). Multiannual projections revealed by the 2005 budget
counted on an average rate of 5.3% a year over the period 2005‐
2009. The expansionist budget policy implemented since 2001
achieved some results: this sustained public spending
guaranteed a certain demand at the benefit of non‐energy
sectors. The added value in services increased by more than
60% in 5 years, while the building and public works sector
recorded a 40% growth in added value. Inflation dropped to
1.6% in 2005 vs. 2.7% in 2004, following the fall in foodstuffs
prices. The foreign‐exchange reserves exceeded the forecasts,
reaching US$ 56.2 billion at the end of 2005 (equivalent of 22
months of imports of goods and services). Finally, external
public debt has been entirely paid by anticipation, while
another part of the oil and gas revenues is being saved for
future generations through the constitution of reserve funds.
� In Egypt, the new team resulting from the cabinet reshuffle of
July 2004 endeavoured to take new steps regarding commercial
and financial liberalisation as well as the program of economic
and structural reforms. Between 2000 and 2003, the country
recorded an average growth rate of 3.5%, affected by
exogenous shocks such as the 9/11 events and the war in Iraq.
However, benefiting from the worldwide recovery and the
depreciation of the national currency, GDP real growth rates
passed from 4.1% in 2004 to 4.5% in 2005 and 6.2% in 2006. This
upward trend is fuelled by tourism (US$ 6.4 billion in 2004‐
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