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Egypt's Sinking Economy Belongs to the Islamists Now
(CNN) Theodore May - Can the Muslim Brotherhood, which is poised to lead Egypt's emerging civilian government, fix an economy that is in far worse condition than when the uprising began last January, with high unemployment and plummeting tourism and foreign investment? Tourism, which accounted for 12.5% of GDP in 2010, has fallen by about a third since the uprising began, and foreign direct investment has fallen 92%. The Muslim Brotherhood is unlikely to meaningfully reform food and gas subsidies, which offer an important lifeline to the poor. These subsidies, however, account for a third of government spending.