Egypt retained her position as a major world power into the era of the first Bais Hamikdash (Temple). It would be Babylon that would humble Egypt and strip her of her position as a major international power.
Yechezkel, the Navi, prophesied the downfall of Egypt around the year 3332 – 429 b.c.e. He compared Egypt to a great sea monster that dominated the sea. The fisherman caught the sea monster along with all the other fish that clung to the defeated monster, and dragged them into the wilderness to rot and become food for the beasts of the field and the birds of the sky. So too, the same would happen to Egypt and the Bnai Yisroel who had formed an unholy alliance with Egypt against the might of Babylon. Nevuchadnetzar would eventually destroy Egypt along with Israel who had clung to Egypt for protection. In order for the Jew to be truly free of all-foreign domination and oppression he would have to accept his dependency upon G-d, and G-d alone.