Egypt Has Been Negatively Influenced By Global Crisis

Egypt Has Been Negatively Influenced By Global Crisis

Dr. Abdul Hamid Al-Ghazali (economic expert – Professor of Political Economy at Cairo University), stated in an interview with ikhwanweb that Egypt has been negatively influenced by the global financial crisis, describing the talk about the fact that Egypt is safe and that it is unlike other countries of the world as it reaps the economic fruits, as being an unrealistic talk, adding that there is no economy that has  not been negatively influenced by the global financial crisis, and that Egypt is an economically developing unit, and organically connected to the economies of the world.


He pointed out that Egypt will be influenced by the financial crisis in many respects including (the volume of the exports and proceeds of the Suez Canal, the low prices of oil, foreign direct investments and foreign aid, as well as domestic demand for goods and services, and the proceeds of Egyptians abroad). He added that all these affect the national economy negatively, and he stressed on the importance of confronting these negative effects, through forming specialized committees to find outlets for exporting Egyptian products, for example, to Arab and Muslim countries.


 
Dr. Mahmoud Mohyie Addin, Minister of Investment, said earlier, that Egypt is safe and protected from the current global financial crisis, and what is going on now, does not mean the failure of Capitalism and the return to Socialism, stressing that the situation in Egypt, unlike it is in the world, as Egypt now reaps the fruits of the economic and financial reform.



Mohyie Addin revealed in the conference of the National Party in Qaliubiya, on Sunday October 19, that the government has taken measures to avoid the negative influence of the global crisis on the Egyptian economy, by introducing a new system for export, which will be introduced to People”s Assembly soon, adding that the banking sector is safe and working according to an old system under the supervision of the central bank