Egypt

Quick Facts

Population: 74.2 million

GDP (PPP): $367.4 billion

• 6.8% growth
• 4.3% 5-year compound annual growth
• $4953 per capita

Unemployment: 9.1%

Inflation (CPI): 11.0%

FDI Inflow: $10.0 billion

The government has established a 'one-stop shop' for business investment and revamped regulation, and the overall freedom to conduct a business has benefited. Starting a business takes an average of seven days, compared to the world average of 38 days. Obtaining a business license still takes more than the world average of 18 procedures and 225 days.

The government sometimes uses fast-track military courts to circumvent the judiciary. On average, it takes six years to decide commercial cases, and appeal procedures can extend court cases beyond 15 years. Local contractual arrangements are generally secure. Islamic law is officially the main inspiration for legislation, but the Napoleonic Code exerts a significant influence. Judicial procedures tend to be protracted, costly, and subject to political pressure. The enforcement of intellectual property rights is seriously deficient.

Corruption is perceived as widespread. Egypt ranks 105th out of 179 countries in Transparency International's Corruption Perceptions Index for 2007. Bribery of low-level civil servants seems to be a part of daily life, and there are allegations of significant corruption among high-level officials.