Economic Development Of The Egyptian Economy Essay

After years of public spending on education in Egypt, where the government has shouldered heavy financial burdens, did this investment spending reach its planned and desired goals? And what are the changes that have been made in the Egyptian economy as a response to this investment spending? This section will try to find answers to these questions. 4.1 Quality of Labor-Force and the Process of Economic Development Any successful economic development process is based on maximizing the utilization of available domestic resources. Labor-force and domestic savings come on the top of these resources. While financial market is responsible for the efficiency by which domestic and foreign savings are accumulated and allocated, transforming savings to productive real investment, education and healthcare services are responsible for transforming the available labor-force to real human capital. It can be said that these two important resources are mutually related, as the returns of labor-factor are considered one source of domestic savings; and at the same time, real investment created by domestic savings is considered the main source of labor-factor return. The most striking characteristic that distinguishes developing from developed countries is the relatively inefficient utilization and the inferior productivity of their labor resources (Eshag, 1983). Egypt, like most developing countries, suffers from inefficient utilization of both domestic savings andShow MoreRelatedSources Of Economic Growth And Social Justice Essay1402 Words   |  6 Pages3.1 Sources of Economic Growth and Social-Justice Egyptian per-capita income has been significantly improved in the second half of the first decade of 21st century, as it recorded, in average, $1984 (standard deviation $167), compared to $1312 (standard deviation $597), in average, during the first half of the decade. 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