Page 6 - Issue-En-44

ELITE
Vol.1

Issue 44

June 2022

25%-30% of our GDP. In 2019, important role in South Korea, like the
investments constituted 19% of our GDP, family that formed Samsung and others.
but with the pandemic and the Russia- And China learned from Singapore’s
Ukraine war, it fell to 13%, which means experience in establishing industrial and
that we need to double investments to entrepreneurial cities to support small and
double economic growth. Our current medium-sized enterprises away from the
growth rate is not good: a good growth rate government’s bureaucracy. Education in

leads to growth in productivity. Singapore relies on a five-year plan that is
I believe that the East Asian “miracle” was reviewed annually until it becomes an
achieved due to the growth in productivity annual plan linked with technological
in the face of population growth, which led development and the labor market’s needs,
to prosperity. The Egyptian experience in where education is tailored to match the
the 60s was stronger than that of South needs of the labor market in those
Korea: the average income of an individual countries.
was 200 USD in Egypt, while it was only The difference between our development
130 USD in South Korea. However, in the experience and that of East Asian countries
90s, when the average income of an is the subject of institutions and institutions
individual in Egypt had become 765 USD, here aren’t limited to ministries; on the
it was 4200 USD in South Korea – contrary, the less we rely on ministries in
approximately five times the salary of an favor of nongovernmental entities and
individual in Egypt! working groups to manage the economy,

Japan, early on in its development the better. Developing organizations lead to
experience, had sent a delegation to Egypt economic development and efficient
to take advantage of Muhammed Ali distribution of the return on growth. On the
Pasha’s experience in the development of other hand, the abundance of committees is
5 the industry and fleet by studying it as a prelude to a rise of bureaucracy and
Japan is an island nation that relies on corruption; therefore, we have to get rid of
waters; they indeed had greatly benefitted obstacles that are holding back the growth
from Muhammed Ali Pasha’s experience. of our economy by dissolving the
Self-made capitalist families had an bureaucracy and supporting public policies