The Egyptian economy has proven to be resilient in face of the global crises, with real GDP growth reaching 4.7 percent during FY 2008 /2009 and 5.1 percent for the first three quarters of FY 2009 /2010. Egypt’s resistance to external shocks was partly due to the diversity of sectoral sources of growth, in addition to the timely intervention of countercyclical fiscal packages during FY 2008 /2009 and FY 2009 /2010 [...]