Posts Tagged ‘SAYED HUSSEIN’
A political transition Economy? Only in Egypt?
Despite billions of dollars from Gulf countries, a new minimum wage and efforts by the country’s central bank, Egypt still faces big economic challenges.
Protests and clashes since 2011 have scared off investors and tourists to Egypt.
Tourism was an important source of foreign currency for the country and income for many Egyptians working in the sector. Egypt’s tourism revenue fell by 41% to $5.9 billion in 2013 from $10 billion in 2012. Egypt’s tourism hit hard from unrest
WORLD – FEBRUARY 4, 2014
Egypt’s economy stumbling amid political transition
COPYRIGHT 2014 REUTERS
SOURCE: UPLOAD.WIKIMEDIA.ORG
SOURCE: UPLOAD.WIKIMEDIA.ORGSince the ouster of former president Hosni Mubarak, Egypt has spent about half its foreign reserves, which fell to $17 billion in the end of 2013 from $36 billion in 2010.
Egypt has used billions of loans from Gulf countries on stimulus packages, but analysts warn debts will hinder the economy in the long term
In January the government increased the minimum wage for public sector employees to 1,200 Egyptian pounds per month ($172.41). Many Egyptians say the minimum is not enough, even with additional support from subsidies on essential goods. Strikes by government doctors occurred despite the rise.
“The minimum salary should be 3,000 pounds. If it doesn’t get resolved, we will all take to the streets. If this continues I will suffocate.” SAYED HUSSEIN, PHYSICS TEACHER AND FOOD SELLER
Many people in Egypt supplement their day jobs to make ends meet. A popular refrain during the 2011 uprising was “Bread, freedom and social justice,” and price increases to bread have caused riots in the past.
SOURCE: UPLOAD.WIKIMEDIA.ORGAbout one in four Egyptians, or about 20 million people, live on less than $1.65 per day, according to government statistics.
About 30% of children under 5 years old suffered from malnutrition in 2013.
In rural areas the poverty rate reaches as high as 60%.
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