A bigger, better Suez Canal
But is it necessary?
As A feat of brawn it is impressive. In
just one year, a third of the time engineers wanted, Egypt has shifted
enough sand to allow more and bigger ships to pass more swiftly through a
crucial artery of global trade. As a political stunt it is big, too.
Since coming to power in July 2013 President Abdel-Fattah al-Sisi has
offered an unspoken bargain: in exchange for shrinking political
freedoms he would bring stability and progress. Small wonder his
government declared a holiday for the lavish opening on August 6th of
the New Suez Canal, as it dubs its project; to bolster pride in the
achievement, its religious-affairs ministry instructed mosque sermons to
cite the Prophet Muhammad’s digging of a trench to defend Medina from
attackers.
In economic terms, however, the expansion of the Suez Canal is a questionable endeavour at a time when the government is struggling to provide adequate services to its citizens. True, the channel is a significant source of revenue. Last year it pumped $5.5 billion into an economy weakened by years of turmoil. But both this sum and the number of ships transiting the canal have been flat since 2008.
In economic terms, however, the expansion of the Suez Canal is a questionable endeavour at a time when the government is struggling to provide adequate services to its citizens. True, the channel is a significant source of revenue. Last year it pumped $5.5 billion into an economy weakened by years of turmoil. But both this sum and the number of ships transiting the canal have been flat since 2008.
http://www.economist.com/news/middle-east-and-africa/21660555-it-necessary-bigger-better-suez-canal#2a85LErYhezFPHq2.99
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