Ever Given: Egyptian Can-do Helped Unclog the Suez Canal - Bloomberg - 0 views
www.bloomberg.com/...o-helped-unclog-the-suez-canal
Africa Egypt politics development economy opinion analysis Suez shipping
shared by Ed Webb on 01 Apr 21
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the sense of relief, joy and pride Egyptians felt over their success. The dredger and a fleet of tug boats had worked day and night to unclog one of the world’s most important waterways, eventually refloating the Ever Given in a week — Egyptian can-do beat the expectations of experts who predicted it would take twice as long.
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served as a reminder of how much of their potential is stymied by a political economy that deters experimentation, punishes innovation and ultimately pushes many Egyptians to seek opportunities abroad
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Centered on a bigotry of low expectations is the idea that Egyptian workers are uniquely unimaginative and unindustrious, and that these traits — rather than the greed and grift of their rulers — are to blame for the country’s economic failings.
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the industriousness and ingenuity displayed by the Mashhour crew and their colleagues on the tug boats are the very qualities that allow millions of Egyptians to survive the misrule that has led to rising poverty levels even as limited reforms have primarily benefited the ruling elites and crony capitalists. While the government in Cairo has received kudos for GDP growth, Egypt’s poverty rate has nearly doubled over 20 years, from 16.7% in the year 2000 to 32.5% in 2019.
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The patronizing view that the man in the street needs the guiding hand of his betters has often encouraged international partners over the years to direct funding to the elites rather than small and medium-sized enterprises, despite pledges to prioritize those very sectors.
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their government provides them with neither the competitive market economy nor the political freedoms that would allow them to demonstrate their readiness.
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the waterway is of exceptional value to the government in Cairo: Not only is it a significant source of hard currency for a country with a chronic trade deficit, its strategic importance to global commerce elevates Egypt’s international status
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Many who seek the resources — and salaries — commensurate with their skills must leave the country to find them. This is why remittances from abroad dwarf many sectors of the economy. Remittances in 2020 were worth $29.6 billion, over five times the Suez Canal’s revenue of $5.61 billion and more than double the revenues from tourism at its 2019 peak of $13 billion.