Egypt’s president could save country’s economy

Egypt’s new president Mohamed Mursi has the opportunity to save the country’s economy from failure but will have to convince a number of sceptics to approve and support his government.

26 June 2012, 12:00am

1 min read

Newly appointed Mohamed Mursi from the Muslim Brotherhood

After winning the elections, Egypt's newly appointed president, Mohamed Mursi, brings free-market policies to Egypt which could attract numerous investors, but may be hindered by Egypt’s economic challenges and burdened politics.

A meticulously drawn up detailed economic plan, supported by the Brotherhood, has been introduced to Egypt but in order to instigate growth and attract investors in the long term, Mursi must first restore stability to the country.

The country’s instability stems from the political turmoil during the 16 months during which former president Hosni Mubarak was ousted from power.

Mursi’s task involves building working relationships with generals involved in the stripping of presidential powers prior to the elections.

Analysts said that Mursi ‘definitely has a window of opportunity’ to salvage the country’s unravelling economy should he gain confidence from the cabinet and investors.