Mahmoud Mohieldin is a global economist with over 30 years of experience in international finance and development. He is the UN Special Envoy on Financing Sustainable Development and co-leads the UN Expert Group on debt solutions. Formerly Executive Director at the IMF, Senior Vice President and Managing Director at the World Bank, he was Egypt's first Minister of Investment. He is a Professor of Economics, Cairo University, a Visiting Senior Research Scholar at Columbia University, and Nonresident Senior Fellow at Brookings Institution.An adviser to governments and international institutions, Marcelo Giugale is a former Director of the World Bank. In his 35 years of experience, he has led senior-level policy dialogue and over 30 billion dollars in lending and insurance operations across emerging and developing countries. An Adjunct Professor at Georgetown University and a Fellow of the US National Academy of Public Administration, his publication record spans macroeconomics, public debt, fiscal risk, and sustainable finance. He was the chief editor of collections of policy notes published for presidential transitions in Bolivia, Colombia, Ecuador, Mexico, and Peru.Racha Ramadan is a Professor of Economics at the Faculty of Economics and Political Science, Cairo University. She is a research fellow of the SPSS at the Institute for Advanced Study in Princeton and the IMF's Academy. She was Visiting Scholar at Hamburg University, Chicago Center in Paris, and University of Minnesota. She has collaborated on research projects with UNDP, World Bank and UN-ESCWA. Her research focuses on gender, poverty, inequality and food security in developing countries.

I had the privilege of working on Egypt as Vice President of the World Bank for the Middle East and North Africa, and I know both its vast potential and its persistent challenges. In this important volume, Mahmoud Mohieldin, Marcelo Giugale, Racha Ramadan and their colleagues bring remarkable clarity and candor to Egypt's development story, while charting a credible path toward a more prosperous, equitable, and sustainable future. Their work is both a sober reminder of the obstacles and an inspiring guide to what Egypt can achieve with bold reform.

• Mahmoud Mohieldin, Marcelo Giugale, and Racha Ramadan: Synthesis: A Path to a Different Egypt: More Prosperous, Equitable, and Sustainable Part 1. Macroeconomic Stances and Policies Chapter 1: Norman Loayza and Thomas P. Romano: The Renewed Challenge of Sustained Growth in Egypt Chapter 2: Iman Elshair: Growth Accounting for Egypt: What Are the Proximate Sources of Growth? Chapter 3: Israa A. El Husseiny: Budget and Fiscal Policies: What the Books Actually Say Chapter 4: Mohamed Zaky: Unlocking Egypt's Public Revenue Potential: A Deep Dive into Tax and Nontax Avenues Chapter 5: Sarah El-Khishin and Maha Rashied: Egypt's Debt: Historical Origins and Persistent Challenges Chapter 6: Dina Kassab: Dilemma: Dominance, Tug of War, or Balancing Compromises? Chapter 7: Ahmed Kamaly, Mona Esam Fayed, and Hebatalla Atef Emam: Monetary and Exchange Rate Policies: Egypt's Version of the Mundell Trilemma Chapter 8: Ahmed Ragab: Inflation Targeting and Anchoring of Inflation Expectations: Trust Me Chapter 9: Roberta Gatti and Jala Youssef: Macroeconomic Policies in Egypt: Learning from Recurring Cycles to Build Resilience Part 2. Sectoral Developments and Market Dynamics Chapter 10: Reham ElDesoki and Ania Thiemann: Investment in Egypt: State Dominance Hampers Private-Sector Growth Chapter 11: Mohammed Omran, Noha Emara, and Ahmed El Sayed: Financial Development and Economic Growth in Egypt: Does Finance Really Matter? Chapter 12: Dina Kassab, Marina Iskander, and Mahmoud Momtaz: The Changing Landscape of Competition in Egypt: Evolution in Policy, Institutions, and Market Dynamics Chapter 13: Nora Aboushady and Chahir Zaki: Global Value Chains in Egypt: Overview, Challenges, and Opportunities Chapter 14: Shimaa Hanafy: Spatial Concentration of Greenfield Foreign Direct Investment Chapter 15: Suzanna Elmassah and Eslam A. Hassanein: Well-Being and Digitalization in Egypt: Connected but Not Happy Chapter 16: Sara Alnashar, Mazen Fathy, and Fatma El Ashmawy: Egypt's Economic Transformation: Challenges in Productivity Growth, and Labor Reallocation Chapter 17: Hanan Nazier and Mona Elsayed: Jobs: The Elusive Quest for Quantity and Quality Chapter 18: Shireen AlAzzawi and Vladimir Hlasny: The Evolution of Labor Laws, Informality, and Women's Participation in Egypt Chapter 19: Rana Hendy: Empowering Women: Unlocking Economic Potential in Egypt Part 3. The State of Human Development Chapter 20: Magued Osman and Hanan Girgis: Population Dynamics and Sustainable Development: The Egg or the Hen? Chapter 21: Ibrahim Awad: The Political Economy of Egyptian Migration Chapter 22: Suzanna Elmassah and Nadine A. Dessouky: Education in Egypt: The Long March toward Competence Chapter 23: Sameh El-Saharty and Mariam M. Hamza: Health and the Economy: The Impact of Noncommunicable Diseases Chapter 24: Dina Atef Mandour: The Political Economy of Universal Health Coverage in Egypt Chapter 25: Khadija Bchi, Mohamad A. Khaled, Paul Makdissi, and Myra Yazbeck: The Dynamics of Socio-economic Inequality of Malnutrition in Egypt Part 4. Critical Aspects of Poverty and Inequality Chapter 26: Khalid Abu-Ismail, Heba El-Laithy, Noha Omar, and Reham Rizk: Poverty in Egypt: A Comprehensive Analysis Chapter 27: Khalid Abu-Ismail, Dina Armanious, Wafaa El-Baba, and Heba El-Laithy: Egypt's Ailing Middle Class: Socio-economic Shifts 1995-2020 Chapter 28: Khalid Abu-Ismail, Rihab Baltaji, and Vladimir Hlasny: Economic and Social Inequalities in the Long Run Chapter 29: Marina Hesham and Racha Ramadan: Do Formal and Informal Institutions Promote Gender Equality in Egypt? Chapter 30: Perihane Badr and Racha Ramadan: Violence against Women and Girls: Determinants and Costs of Abuse Chapter 31: Sarah Mansour and Mazen Hassan: Social Protection in Egypt: Assessment of Policies and Examination of Outcomes Chapter 32: Hania Sholkamy: The Social Protection Regime in Egypt: What Is It For? (Is It "a Case of a Torn Bladder?") Part 5. Environmental Dimensions and the Impact of Climate Change Chapter 33: Amira Elayouty and Hala Abou-Ali: The Nile River: A Historical Overview and Contemporary Challenges in Water Management Chapter 34: Hala Abou-Ali, Damyana Bakardzhieva, and Reham Rizk: Navigating the Crossroads: Climate Change, Greenhouse Gas Emissions, and Economic Sectors in Egypt Chapter 35: Ede Ijjasz-Vasquez and Hala Abou-Ali: Strengthening the Adaptation of the Egyptian Economy to Climate Change Chapter 36: Assem Abu Hatab: A Journey through Egypt's Agricultural Policies Chapter 37: David Sims and Sameh Wahba: Urbanization and Egypt's Invasion of the Desert: At What Cost? Part 6. Governance Chapter 38: Sarah El-Khishin: A History of Shifting Ideology and Weak Implementation Chapter 39: Asmaa Ezzat: Governance and Economic Development in Egypt: The Interlinkages Chapter 40: Mazen Hassan and Sarah Mansour: Social Capital among Egyptians: Measurement, Factors, and Possible Interventions Chapter 41: Suzanna Elmassah and Rawda Ali: Centralization, Decentralization, and Localization for Sustainable Development Chapter 42: Eman Moustafa and Amira El-Shal: Megatrends Unveiled: Catalysts for Transformation Chapter 43: Amira El-Shal and Eman Moustafa: Disruptions: White and Black Swans

Mahmoud Mohieldin is a global economist with over 30 years of experience in international finance and development. He is the UN Special Envoy on Financing Sustainable Development and co-leads the UN Expert Group on debt solutions. Formerly Executive Director at the IMF, Senior Vice President and Managing Director at the World Bank, he was Egypt's first Minister of Investment. He is a Professor of Economics, Cairo University, a Visiting Senior Research Scholar at Columbia University, and Nonresident Senior Fellow at Brookings Institution.An adviser to governments and international institutions, Marcelo Giugale is a former Director of the World Bank. In his 35 years of experience, he has led senior-level policy dialogue and over 30 billion dollars in lending and insurance operations across emerging and developing countries. An Adjunct Professor at Georgetown University and a Fellow of the US National Academy of Public Administration, his publication record spans macroeconomics, public debt, fiscal risk, and sustainable finance. He was the chief editor of collections of policy notes published for presidential transitions in Bolivia, Colombia, Ecuador, Mexico, and Peru.Racha Ramadan is a Professor of Economics at the Faculty of Economics and Political Science, Cairo University. She is a research fellow of the SPSS at the Institute for Advanced Study in Princeton and the IMF's Academy. She was Visiting Scholar at Hamburg University, Chicago Center in Paris, and University of Minnesota. She has collaborated on research projects with UNDP, World Bank and UN-ESCWA. Her research focuses on gender, poverty, inequality and food security in developing countries.

I had the privilege of working on Egypt as Vice President of the World Bank for the Middle East and North Africa, and I know both its vast potential and its persistent challenges. In this important volume, Mahmoud Mohieldin, Marcelo Giugale, Racha Ramadan and their colleagues bring remarkable clarity and candor to Egypt's development story, while charting a credible path toward a more prosperous, equitable, and sustainable future. Their work is both a sober reminder of the obstacles and an inspiring guide to what Egypt can achieve with bold reform.

• Mahmoud Mohieldin, Marcelo Giugale, and Racha Ramadan: Synthesis: A Path to a Different Egypt: More Prosperous, Equitable, and Sustainable Part 1. Macroeconomic Stances and Policies Chapter 1: Norman Loayza and Thomas P. Romano: The Renewed Challenge of Sustained Growth in Egypt Chapter 2: Iman Elshair: Growth Accounting for Egypt: What Are the Proximate Sources of Growth? Chapter 3: Israa A. El Husseiny: Budget and Fiscal Policies: What the Books Actually Say Chapter 4: Mohamed Zaky: Unlocking Egypt's Public Revenue Potential: A Deep Dive into Tax and Nontax Avenues Chapter 5: Sarah El-Khishin and Maha Rashied: Egypt's Debt: Historical Origins and Persistent Challenges Chapter 6: Dina Kassab: Dilemma: Dominance, Tug of War, or Balancing Compromises? Chapter 7: Ahmed Kamaly, Mona Esam Fayed, and Hebatalla Atef Emam: Monetary and Exchange Rate Policies: Egypt's Version of the Mundell Trilemma Chapter 8: Ahmed Ragab: Inflation Targeting and Anchoring of Inflation Expectations: Trust Me Chapter 9: Roberta Gatti and Jala Youssef: Macroeconomic Policies in Egypt: Learning from Recurring Cycles to Build Resilience Part 2. Sectoral Developments and Market Dynamics Chapter 10: Reham ElDesoki and Ania Thiemann: Investment in Egypt: State Dominance Hampers Private-Sector Growth Chapter 11: Mohammed Omran, Noha Emara, and Ahmed El Sayed: Financial Development and Economic Growth in Egypt: Does Finance Really Matter? Chapter 12: Dina Kassab, Marina Iskander, and Mahmoud Momtaz: The Changing Landscape of Competition in Egypt: Evolution in Policy, Institutions, and Market Dynamics Chapter 13: Nora Aboushady and Chahir Zaki: Global Value Chains in Egypt: Overview, Challenges, and Opportunities Chapter 14: Shimaa Hanafy: Spatial Concentration of Greenfield Foreign Direct Investment Chapter 15: Suzanna Elmassah and Eslam A. Hassanein: Well-Being and Digitalization in Egypt: Connected but Not Happy Chapter 16: Sara Alnashar, Mazen Fathy, and Fatma El Ashmawy: Egypt's Economic Transformation: Challenges in Productivity Growth, and Labor Reallocation Chapter 17: Hanan Nazier and Mona Elsayed: Jobs: The Elusive Quest for Quantity and Quality Chapter 18: Shireen AlAzzawi and Vladimir Hlasny: The Evolution of Labor Laws, Informality, and Women's Participation in Egypt Chapter 19: Rana Hendy: Empowering Women: Unlocking Economic Potential in Egypt Part 3. The State of Human Development Chapter 20: Magued Osman and Hanan Girgis: Population Dynamics and Sustainable Development: The Egg or the Hen? Chapter 21: Ibrahim Awad: The Political Economy of Egyptian Migration Chapter 22: Suzanna Elmassah and Nadine A. Dessouky: Education in Egypt: The Long March toward Competence Chapter 23: Sameh El-Saharty and Mariam M. Hamza: Health and the Economy: The Impact of Noncommunicable Diseases Chapter 24: Dina Atef Mandour: The Political Economy of Universal Health Coverage in Egypt Chapter 25: Khadija Bchi, Mohamad A. Khaled, Paul Makdissi, and Myra Yazbeck: The Dynamics of Socio-economic Inequality of Malnutrition in Egypt Part 4. Critical Aspects of Poverty and Inequality Chapter 26: Khalid Abu-Ismail, Heba El-Laithy, Noha Omar, and Reham Rizk: Poverty in Egypt: A Comprehensive Analysis Chapter 27: Khalid Abu-Ismail, Dina Armanious, Wafaa El-Baba, and Heba El-Laithy: Egypt's Ailing Middle Class: Socio-economic Shifts 1995-2020 Chapter 28: Khalid Abu-Ismail, Rihab Baltaji, and Vladimir Hlasny: Economic and Social Inequalities in the Long Run Chapter 29: Marina Hesham and Racha Ramadan: Do Formal and Informal Institutions Promote Gender Equality in Egypt? Chapter 30: Perihane Badr and Racha Ramadan: Violence against Women and Girls: Determinants and Costs of Abuse Chapter 31: Sarah Mansour and Mazen Hassan: Social Protection in Egypt: Assessment of Policies and Examination of Outcomes Chapter 32: Hania Sholkamy: The Social Protection Regime in Egypt: What Is It For? (Is It "a Case of a Torn Bladder?") Part 5. Environmental Dimensions and the Impact of Climate Change Chapter 33: Amira Elayouty and Hala Abou-Ali: The Nile River: A Historical Overview and Contemporary Challenges in Water Management Chapter 34: Hala Abou-Ali, Damyana Bakardzhieva, and Reham Rizk: Navigating the Crossroads: Climate Change, Greenhouse Gas Emissions, and Economic Sectors in Egypt Chapter 35: Ede Ijjasz-Vasquez and Hala Abou-Ali: Strengthening the Adaptation of the Egyptian Economy to Climate Change Chapter 36: Assem Abu Hatab: A Journey through Egypt's Agricultural Policies Chapter 37: David Sims and Sameh Wahba: Urbanization and Egypt's Invasion of the Desert: At What Cost? Part 6. Governance Chapter 38: Sarah El-Khishin: A History of Shifting Ideology and Weak Implementation Chapter 39: Asmaa Ezzat: Governance and Economic Development in Egypt: The Interlinkages Chapter 40: Mazen Hassan and Sarah Mansour: Social Capital among Egyptians: Measurement, Factors, and Possible Interventions Chapter 41: Suzanna Elmassah and Rawda Ali: Centralization, Decentralization, and Localization for Sustainable Development Chapter 42: Eman Moustafa and Amira El-Shal: Megatrends Unveiled: Catalysts for Transformation Chapter 43: Amira El-Shal and Eman Moustafa: Disruptions: White and Black Swans

Mahmoud Mohieldin is a global economist with over 30 years of experience in international finance and development. He is the UN Special Envoy on Financing Sustainable Development and co-leads the UN Expert Group on debt solutions. Formerly Executive Director at the IMF, Senior Vice President and Managing Director at the World Bank, he was Egypt's first Minister of Investment. He is a Professor of Economics, Cairo University, a Visiting Senior Research Scholar at Columbia University, and Nonresident Senior Fellow at Brookings Institution.An adviser to governments and international institutions, Marcelo Giugale is a former Director of the World Bank. In his 35 years of experience, he has led senior-level policy dialogue and over 30 billion dollars in lending and insurance operations across emerging and developing countries. An Adjunct Professor at Georgetown University and a Fellow of the US National Academy of Public Administration, his publication record spans macroeconomics, public debt, fiscal risk, and sustainable finance. He was the chief editor of collections of policy notes published for presidential transitions in Bolivia, Colombia, Ecuador, Mexico, and Peru.Racha Ramadan is a Professor of Economics at the Faculty of Economics and Political Science, Cairo University. She is a research fellow of the SPSS at the Institute for Advanced Study in Princeton and the IMF's Academy. She was Visiting Scholar at Hamburg University, Chicago Center in Paris, and University of Minnesota. She has collaborated on research projects with UNDP, World Bank and UN-ESCWA. Her research focuses on gender, poverty, inequality and food security in developing countries.

I had the privilege of working on Egypt as Vice President of the World Bank for the Middle East and North Africa, and I know both its vast potential and its persistent challenges. In this important volume, Mahmoud Mohieldin, Marcelo Giugale, Racha Ramadan and their colleagues bring remarkable clarity and candor to Egypt's development story, while charting a credible path toward a more prosperous, equitable, and sustainable future. Their work is both a sober reminder of the obstacles and an inspiring guide to what Egypt can achieve with bold reform.

• Mahmoud Mohieldin, Marcelo Giugale, and Racha Ramadan: Synthesis: A Path to a Different Egypt: More Prosperous, Equitable, and Sustainable Part 1. Macroeconomic Stances and Policies Chapter 1: Norman Loayza and Thomas P. Romano: The Renewed Challenge of Sustained Growth in Egypt Chapter 2: Iman Elshair: Growth Accounting for Egypt: What Are the Proximate Sources of Growth? Chapter 3: Israa A. El Husseiny: Budget and Fiscal Policies: What the Books Actually Say Chapter 4: Mohamed Zaky: Unlocking Egypt's Public Revenue Potential: A Deep Dive into Tax and Nontax Avenues Chapter 5: Sarah El-Khishin and Maha Rashied: Egypt's Debt: Historical Origins and Persistent Challenges Chapter 6: Dina Kassab: Dilemma: Dominance, Tug of War, or Balancing Compromises? Chapter 7: Ahmed Kamaly, Mona Esam Fayed, and Hebatalla Atef Emam: Monetary and Exchange Rate Policies: Egypt's Version of the Mundell Trilemma Chapter 8: Ahmed Ragab: Inflation Targeting and Anchoring of Inflation Expectations: Trust Me Chapter 9: Roberta Gatti and Jala Youssef: Macroeconomic Policies in Egypt: Learning from Recurring Cycles to Build Resilience Part 2. Sectoral Developments and Market Dynamics Chapter 10: Reham ElDesoki and Ania Thiemann: Investment in Egypt: State Dominance Hampers Private-Sector Growth Chapter 11: Mohammed Omran, Noha Emara, and Ahmed El Sayed: Financial Development and Economic Growth in Egypt: Does Finance Really Matter? Chapter 12: Dina Kassab, Marina Iskander, and Mahmoud Momtaz: The Changing Landscape of Competition in Egypt: Evolution in Policy, Institutions, and Market Dynamics Chapter 13: Nora Aboushady and Chahir Zaki: Global Value Chains in Egypt: Overview, Challenges, and Opportunities Chapter 14: Shimaa Hanafy: Spatial Concentration of Greenfield Foreign Direct Investment Chapter 15: Suzanna Elmassah and Eslam A. Hassanein: Well-Being and Digitalization in Egypt: Connected but Not Happy Chapter 16: Sara Alnashar, Mazen Fathy, and Fatma El Ashmawy: Egypt's Economic Transformation: Challenges in Productivity Growth, and Labor Reallocation Chapter 17: Hanan Nazier and Mona Elsayed: Jobs: The Elusive Quest for Quantity and Quality Chapter 18: Shireen AlAzzawi and Vladimir Hlasny: The Evolution of Labor Laws, Informality, and Women's Participation in Egypt Chapter 19: Rana Hendy: Empowering Women: Unlocking Economic Potential in Egypt Part 3. The State of Human Development Chapter 20: Magued Osman and Hanan Girgis: Population Dynamics and Sustainable Development: The Egg or the Hen? Chapter 21: Ibrahim Awad: The Political Economy of Egyptian Migration Chapter 22: Suzanna Elmassah and Nadine A. Dessouky: Education in Egypt: The Long March toward Competence Chapter 23: Sameh El-Saharty and Mariam M. Hamza: Health and the Economy: The Impact of Noncommunicable Diseases Chapter 24: Dina Atef Mandour: The Political Economy of Universal Health Coverage in Egypt Chapter 25: Khadija Bchi, Mohamad A. Khaled, Paul Makdissi, and Myra Yazbeck: The Dynamics of Socio-economic Inequality of Malnutrition in Egypt Part 4. Critical Aspects of Poverty and Inequality Chapter 26: Khalid Abu-Ismail, Heba El-Laithy, Noha Omar, and Reham Rizk: Poverty in Egypt: A Comprehensive Analysis Chapter 27: Khalid Abu-Ismail, Dina Armanious, Wafaa El-Baba, and Heba El-Laithy: Egypt's Ailing Middle Class: Socio-economic Shifts 1995-2020 Chapter 28: Khalid Abu-Ismail, Rihab Baltaji, and Vladimir Hlasny: Economic and Social Inequalities in the Long Run Chapter 29: Marina Hesham and Racha Ramadan: Do Formal and Informal Institutions Promote Gender Equality in Egypt? Chapter 30: Perihane Badr and Racha Ramadan: Violence against Women and Girls: Determinants and Costs of Abuse Chapter 31: Sarah Mansour and Mazen Hassan: Social Protection in Egypt: Assessment of Policies and Examination of Outcomes Chapter 32: Hania Sholkamy: The Social Protection Regime in Egypt: What Is It For? (Is It "a Case of a Torn Bladder?") Part 5. Environmental Dimensions and the Impact of Climate Change Chapter 33: Amira Elayouty and Hala Abou-Ali: The Nile River: A Historical Overview and Contemporary Challenges in Water Management Chapter 34: Hala Abou-Ali, Damyana Bakardzhieva, and Reham Rizk: Navigating the Crossroads: Climate Change, Greenhouse Gas Emissions, and Economic Sectors in Egypt Chapter 35: Ede Ijjasz-Vasquez and Hala Abou-Ali: Strengthening the Adaptation of the Egyptian Economy to Climate Change Chapter 36: Assem Abu Hatab: A Journey through Egypt's Agricultural Policies Chapter 37: David Sims and Sameh Wahba: Urbanization and Egypt's Invasion of the Desert: At What Cost? Part 6. Governance Chapter 38: Sarah El-Khishin: A History of Shifting Ideology and Weak Implementation Chapter 39: Asmaa Ezzat: Governance and Economic Development in Egypt: The Interlinkages Chapter 40: Mazen Hassan and Sarah Mansour: Social Capital among Egyptians: Measurement, Factors, and Possible Interventions Chapter 41: Suzanna Elmassah and Rawda Ali: Centralization, Decentralization, and Localization for Sustainable Development Chapter 42: Eman Moustafa and Amira El-Shal: Megatrends Unveiled: Catalysts for Transformation Chapter 43: Amira El-Shal and Eman Moustafa: Disruptions: White and Black Swans