The past 18 months have marked a historic turning point for Egypt. The resignation of former president Hosni Mubarak on February 11, 2011, marked the end of 30 years of autocratic rule and opened the doors to a new era promising change, freedom and, ultimately, democracy. However, the political unrest that has ensued since Mr Mubarak's regime was ended has put the brakes on the country's economic development, with real gross domestic product (GDP) recording a notable slowdown in growth from 5.1% in 2010 to just 1.8% in 2011. Furthermore, Egypt's GDP saw negative growth of 4.2% in the first quarter of 2011, a contraction not seen since the Central Bank of Egypt began publishing quarterly data in 2001.
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