The financial crisis and its impact on the Egyptian economy
Description of the U.S. economic Trevor Williams, financial analyst and economist at Lloyd's that what happened in America is the bubble bursting, and added that no one knows economists truly how and when it ends .. End?
No one can deny that this frightening fall of the U.S. economy will lead to serious consequences in the global economy and the U.S. economy itself, but what is the impact of these variables of the new global capitalist economy on the Egyptian economy and the limited-looking and may be referred to the expected impacts at various points as follows:
First, the impact of the Egyptian trade balance is expected directly affected by the lack of trade is expected that with the United States and Europe, especially in the export of garments, which export 60% of them to the United States and 35% to Europe, as well as fruits and vegetables and Egyptian products food and that will be affected by 12% this year, according to U.S. Export Council of Egypt.
The Suez Canal revenues are expected to decline by between 15% and 20% reduced movement of international trade between the United States, Europe and Southeast Asia affected by the disaster of Finance and the Egyptian stock market has plummeted, as has already happened, where Lost shares many of the companies more than 75% of their value in from the terrible loss to the Egyptian bourse after the holiday Eid al-Fitr directly, and the book value of the losses amounted to about 315 billion pounds of shares of companies in the stock market speculation and there are 12 Egyptian companies it GDRs in international stock markets have been particularly affected by the fall of global stock markets and the investments of individuals Egyptian Governor of securities abroad had been directly affected, with an estimated value of the funds to individuals in the Egyptian stock market by approximately $ 960 million.
The Egyptian banking sector, which is filed balances abroad of up to about 123 billion pounds as it is expected to be affected
June .2008 Egyptian banks and investments in foreign securities amounted to more than 15 billion
For the general budget of the State is expected to face a decline in foreign investments in Egypt, which directly contribute to the construction of new projects and increased economic activity and employment and the Egyptian collection of taxes, insurance and fees, not to mention the volume of losses in foreign trade export and import around 6 billion dollars compared to last year, including $ 4 billion exports and $ 2 billion and imports compared to last year 2008/2007 (a statement to the Minister of Economic Development), although the low price of oil and cereals, oils and minerals, iron, copper and aluminum about 35% would be in favor of Egypt and ease pressure on the subsidies provided to eliminate the monopolies, known to all in the steel, cement, fertilizers, building materials, which eases and reduces the budget deficit.
The Egyptian real estate market has witnessed a slowdown in the coming period to increase the supply of the required especially in posh housing units were affected by the movement of the mortgage crisis, although in minimal as well as the fear of potential buyers of what is happening in the global economy and its impact on the Egyptian economy, particularly in the local real estate crisis is expected for prices to decline within 15% to 20%.
All these expected results of the fall of the great American economy and global recession expected in many aspects of the implications of our daily lives leads us to the need to declare a state of emergency attention and Egypt, which will see the Egyptian economy affected with the passage of real time, as President Mubarak said during his recent visit to France.
It is indispensable to look for new partners to get our economy away from participating American and European .. and open new markets for our products in Africa, Asia, Australia, South America and support of Egyptian exports and encourage the Government is expected to play a role in such cases and difficult situations such as activating a large-scale industries and to stimulate domestic demand and enter as an influential actor in the industry and internal and external trade and international tourism and increased public spending on state infrastructure projects, major projects in order to contribute in the rotation and the investment of public funds and funds of banks and alleviate unemployment and expected not to leave a strong capital market to play and speculation without real control to ensure market stability and security so as not to fall We are also cursed to fall into the trap that has killed adults from us.
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