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Egypt: From Arab Spring to Economic Winter?

(Ha'aretz) Zvi Bar'el - Egypt's foreign currency reserves, estimated at $36 billion at the beginning of 2011, dropped in October to $22 billion. Tourists have almost entirely left the country, new foreign investments are staying away, and local manufacturing has taken a beating. Iron and steel production has dropped 40% since January, as new projects have stalled. Over a thousand small and medium-size factories have closed over the past two months. Foreign investors in Egypt's stock exchange have been withdrawing alarming amounts, causing the stock market to lose about $8 billion in the last month alone. Expected economic growth in Egypt, according to the World Bank, will be 1.2%, compared with 5.5% during Mubarak's last year in office.
2011-11-30 00:00:00
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