This paper investigates the sources of Egypt's economic growth over the course of four generations of reforms from 1991 to 2019. To examine the contribution of input factors to economic growth, we used the augmented Solow model, which includes both human and physical capital accumulation. Variables employed in the analysis are Gross Domestic Product, capital, productivity, human capital, and employment. The study uses quantile regression econometric modeling to examine the sources of growth in the Egyptian economy at various stages of reform and the convergence of income segmentations. Quantile Regression (QR) estimates for quantiles 0.1 through 0.9 showed varied results. Productivity's coefficient increased from 0.27 in Q1 to 0.60 in Q8 which means that productivity has clearly had a large impact on the higher stages of economic growth. In addition, the higher income segmentations we go, the higher impact of productivity it gets. However, Capital and Human Capital go in the opposite direction where coefficients of capital deteriorated gradually from 0.3 in Q1 to 0.1 in Q9, and coefficients of human capital decreased from 0.15 for Q1 to reach 0.04 for Q9. Therefore, the main culprit behind this phenomenon is the deficiency in the savings rate and the increase in the population growth rate. For labor, its coefficient is negative all the time. It declined from -1.03 for Q1 to -1.46 for Q9. It indicates that the Egyptian economy is filled with disguised unemployment and exhausts all its potential for job creation. Moreover, this evidence indicates that productivity and human capital accumulation have become the most important sources of growth. The weak growth performance is attributed to the deficiency of investment in both physical and human capitals. Furthermore, the findings show that economic growth is closely linked to trends in human capital, productivity, and capital, all of which are heavily influenced by savings volatility and population growth rates. Therefore, the Egyptian economy's economic growth cycle is determined by savings and population growth rates. When these rates become in the trends enabling human capital, productivity, and capital to boom, strong capital accumulation appears and boosts economic growth and vice versa.

This paper explores the impact of investment and employment on Egypt’s agricultural growth during the period 1991 to 2021 using annual time series data. We use the ARDL approach to examine the long-run and short-run relationships among agricultural investment, agricultural employment and agricultural GDP. The results reveal that the variables of interest are bound together in the long run. The long-run relationship and the error correction model are estimated. The accompanying equilibrium correction proves that long-run linkages exist in a meaningful way. Results show that agricultural investment and agricultural employment are major short- and long-run determinants of the agricultural GDP. In the long run, every 1% increase in agricultural employment (AEMP) results in an increase in the agricultural GDP (AGDP) of 3.73%, while every 1% increase in agricultural investment (AINV) improves the AGDP by 0.43%. In the short run, 26% of all disequilibrium-causing motions are adjusted for in a single session. Therefore, it takes 3.85 years for the Egyptian agricultural GDP to achieve the transition from a short-term disequilibrium situation to a long-term equilibrium. Thus, decision makers should increase the rates of investment in the agricultural sector, in parallel to the development of the agricultural labor force in Egypt. Moreover, the increased allocation of public investments and the injection of private investments are highly recommended. In addition, the Egyptian agricultural sector needs improvements regarding human capital development and agricultural training. Finally, the government must initiate comprehensive farmer support services, bolstered farm/non-farm links and the promotion of rural SMEs to serve as the foundation for agricultural and rural development.

The primary objective of this paper is to examine the relationship between finance and economic growth in a cohort of 16 economies within the MENA region spanning a four-decade period from 1980 to 2021. This study employs panel unit root and panel co-integration analyses to investigate this long-term nexus. The fully modified and dynamic Ordinary Least Squares (OLS) approaches are utilized to estimate the long-run coefficients. The findings underscore the existence of cross-sectional interdependence among these nations. Furthermore, Pedroni’s panel co-integration research robustly supports the idea of a long-term co-integrating relationship between financial development and economic growth. Our long-run panel estimations reveal a positive and statistically significant impact of financial development on GDP per capita income growth. In addition to this broad analysis, this paper conducts a detailed time-series examination focused on a specific country to validate the robustness of the results. These findings further substantiate the favorable influence of financial development on income growth in the majority of MENA nations. Notably, private sector participation in these economies is found to be alarmingly low. As a result, a significant policy implication of this study underscores the urgent need for policymakers to prioritize measures conducive to private sector expansion. Moreover, enhancing financial inclusion, addressing the crowd-out effect, and tackling non-performing loans are critical areas requiring attention within the MENA region. Furthermore, our research highlights the potential benefits of developing stock markets as part of an optimal strategy to enhance both economic and income growth rates. In conclusion, this study contributes valuable insights into the finance–growth nexus in the MENA region, emphasizing the importance of financial development as a driver of economic prosperity and the need for targeted policy initiatives to support private sector growth and financial stability.

This paper investigates the validity of Okun’s Law to the Egyptian economy through the period 1991 until 2021 using Autoregressive Distributed Lag (ARDL) model technique. The paper applies Augmented Dickey-Fuller (ADF) and Phillips – Perron (PP) to perform the unit root test. It is found that the three variables in the model, natural logarithm of real GDP difference LNRGDPdif, natural logarithm of real GDP gap LNRGDPgap, and natural logarithm of unemployment rate difference LNUNdif, are integrated of order zero I(0). While the other variable, natural logarithm of unemployment rate gap LNUNgap, is integrated of order one I(1). Therefore, the paper finds justification to conduct the ARDL bounds test for co-integration for the two Okun’s Law versions. However, the paper finds that the results are incompatible with economic theory and contradict most of research papers conducted for other countries. The coefficient of LNUNdif is (= 0.0004) and found to be insignificant while the coefficient of (LNRGDPdif (-1)) is the only significant coefficient at 5% significance level (= -2). Of course, these results in addition to the ARDL Bounds Tests’ results give evidence that there is no relationship between real GDP and unemployment rate in Egypt neither in the long run nor in the short run. Therefore, Okun’s Law, with difference model and gap model, is not valid in case of Egypt. These findings can be attributed to the low level of data accuracy and reliability. As a result, it is recommended for the Egyptian government to direct more effort towards collecting and publishing more accurate and reliable data on socio-economic variables.