121
Table A10. Qualitative Comparison
Egypt Indonesia Ivory Coast Morocco Nigeria Pakistan Turkey UAE
General
Overview
Egypt has a well-
balanced economy by
regional standards,
which is diversified
across manufacturing
and extraction activity,
including the mining,
oil and gas sectors
(15.5 per cent)
agriculture (14.75 per
cent) construction (4.6
per cent),tourism (3.1
per cent), as well as
various segments in a
rapidly emerging
services sector.
Manufacturing activity
is the largest single
contributor to GDP,
accounting for 16.2 per
cent of the total GDP.
The manufacturing
sector is also an
important element of
the broader national
expansion plan, with
six segments identified
as areas of potential
growth: engineering
machinery and
equipment, consumer
electronics, life
sciences,
biotechnology,
automotive
components and
handicrafts.
The Indonesian
economy is built on a
free market system
with a free foreign
exchange policy. Unless
otherwise regulated in
the frequently updated
‘Negative List of
Investments’, foreign
investment companies
are generally allowed
to be set up with up to
100 per cent foreign
shareholding. The
Indonesian economy
has demonstrated
continuing growth
since the economic
recession in 1998. Its
rising middle-class,
large domestic market
and relatively low
degree of export-led
growth have
significantly
contributed to its
resilience to the 2009
global financial crisis.
With regards to
macroeconomic
stability, the World
Bank recognised a
significant drop in the
country's Debt-to-GDP
ratio from 61 per cent
in 2003 to 26 per cent
in 2013.
Cote d’Ivoire (hereafter,
Ivory Coast) has a
population of
approximately 21 million
and an approximate GDP
growth of 2.3% in 2008
and 3.2% in 2009. GDP
per capita is estimated to
be US$1,700. The Ivory
Coast economy has
historically been highly
dependent on the
production and export of
tropical products. It is
the world’s largest
producer of cocoa beans
and a significant
exporter of coffee and
palm oil. Since 2007 oil
and gas production have
grown in relative
importance. Dependence
on agricultural exports
has exposed the
economy to swings in
commodity prices.
Morocco has capitalised
on its proximity to Europe
and relatively low labour
costs to build a diverse,
open, market-oriented
economy. In the 1980s
Morocco pursued
austerity measures and
pro-market reforms,
overseen by the IMF.
However, despite
Morocco’s economic
progress, the country
suffers from high
unemployment and
poverty. In 2011, high
food and fuel prices
strained the government’s
budget and widened the
country’s current account
deficit.
Nigeria is a large and
growing country with
2014 population of over
177 million and
population growth rate
of 2.47%. Real GDP has
grown at between 6-7%
since 2007, with
nominal and PPP GDP at
$242bn and over
$400bn respectively
(CBN Annual Report,
2011). In 2012, real GDP
growth rate was 6.5%
and real and PPP GDP
rose to $261.5bn and
$450.5bn respectively
(CBN, 2013). Foreign
reserves are now in
excess of $45bn and
macroeconomic
conditions are generally
stable. However, social
conditions are less than
ideal—the dollar/day
poverty stands at 62.5%;
life expectancy a mere
54 years and
unemployment close to
24%. Private
consumption
expenditure has
however grown since
1999, though the growth
rate is now declining.
The country is continued
to face economic
challenges as well as
energy shortages, rains
and floods, and other
structural impediments.
Pakistan’s economy
grew on average at the
rate of 2.9% per year
since 2010.
Deterioration in the
utilities sector is the
main factor in limiting
the economic growth.
Services sector
contributed 57.7% to
the GDP and has become
the main driver of
economic growth as
reflected on its 3.7%
growth rate in 2012-13.
Turkey is one of the
world's newly
industrialised economies,
the 15th largest economy
in the world and the sixth
largest in the EU area. It is
a predominately free-
market economy driven
by its industry and service
sectors, although its
traditional agriculture
sector still accounts for a
large proportion of
employment. The major
sector is services,
accounting for 63.8 per
cent of GDP, followed by
industry which represents
27.3 per cent and
agriculture by 8.9 per
cent. Its proximity to both
Asia and Europe enables it
to act as a bridge between
the continents, as well as
an energy corridor.
Following a period of
liberalisation and the
enactment of the 1995 EU
customs union, the
country experienced rapid
economic growth. As at
October 2014, a number of
concerns had been raised
regarding the country's
slowing growth due to a
number of factors,
including: political
developments, monetary
tightening, macro
prudential measures,
economic problems in the
EU countries, geopolitical
tensions and a drought
affecting agricultural
production.
The UAE is one of the
world's largest oil and
natural gas exporters.
The UAE has the seventh
highest GDP per capita in
the world. The UAE has a
strong economy which
was founded on oil and
gas revenues, but has
more recently been
characterised by strong
diversification. The UAE
has become a leading
financial centre in the
area, invested heavily in
its industrial sector and
become a leading luxury
tourism destination, all
of which has resulted in
a stable and diversified
economy.
The UAE has
experienced consistently
high growth since 2005,
maintaining an average
growth of 3.2 per cent1,
despite the crisis during
2008. Economic growth
of the UAE is estimated
to have reached 4.3 per
cent in 2013. In October
2014, the IMF predicted
GDP growth of 4.5 per
cent for 2014, showing
great optimism for the
area and further predicts
4.6 per cent growth for
2015.
Bank
supervision
The Central Bank of
Egypt (CBE)
]
Bank Indonesia (BI)
[ , now
moved to new
regulator, Otoritas Jasa
Keuangan (OJK)
[
The Central Bank of
West African States
(BCEAO)
The Bank Al-Maghrib,
founded as the successor
to the Banque d’Etat du
Maroc ]
The Central Bank of
Nigeria (CBN)
State Bank of Pakistan
(SBP) [
The independent Banking
Regulation and
Supervisory Agency
(BRSA) or Bankacılık
Düzenleme ve Denetleme
Kurumu (BDDK)
]
Central Bank of the UAE
]
Legal
Regulatory
The Law of the Central
Bank, the Banking
Central Bank Act, the
UU No. 23/1999 on
BCEAO Bill No.
15/2002/CM/UEMOA
Under the banking law,
The Bank Al-Maghrib and
CBN Act of 1958
(amended with CBN
The State Bank of
Pakistan is a central
The Central Bank of the
Republic of Turkey is
Union Law No. 10 of
1980 regulate the central