Anchoring the Arab Awakening
The economic situation in the so-called Arab Awakening countries is deteriorating quickly, and the imperative for large-scale coordinated action is overwhelming. But the post-1945 Marshall Plan in Europe, which targeted countries with well-developed economic institutions, is the wrong model.
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LONDON – The economic situation in the countries of the so-called Arab Awakenings is deteriorating quickly. Egypt is running low on cash – before recent rescue loans, currency reserves covered less than three months of imports – and Egyptians are hoarding fuel and foodstuffs in anticipation of future shortages. More frequent and longer-lasting power outages foretell worse to come in an economy already struggling with mass unemployment, widespread exclusion, and deep pockets of poverty.