More on Morsi and the Egyptian economy
Nervana Mahmoud's take on the Egyptian economy:
Morsi’s rush to secure political power has cost him a lot on the economic front. However, he doesn't have to save the economy to survive as president. He just has to manage its decline well enough to prevent an acute dip toward bankruptcy and default. That is why his buzzwords for 2013 will probably be “appeasement,” “loyalties,” and “subsidy cards.” It would not be a step forward for Egypt’s economy; neither easy nor pretty. Sadly, the real game is survival, and not “renaissance."
Mubarak was arguably ousted not because thousands poured into Tahrir Square, but because most elements in society were united against him. If Morsi succeeds in managing a declining economy and securing loyalties, he can avoid the same fate. That is what autocrats in Iran and Sudan have been doing successfully for decades. It is not what many brave youth aspired to achieve, but it is the ugly new reality (with a retro-’70s flavor) that they have to accept if the opposition leaders continue to be divided, elitist, and disengaged from the rural regions of Egypt.