The Central Bank of Egypt… Unemployment peaked at 13.2%. Expected losses in the sector range from $2-3 billion Airline and shipping. Apart from the complicated issue of population, Egypt's contemporary economic problems may be classified under three main headings: (1) external economic factors, (2) internal economic factors, and (3) government policies, laws, and regulations. The Government of Egypt, supported by the World Bank Group, has achieved significant results across all three focus areas under this CPF. Egypt Economic Summit has discussed the future of the real estate sector during the Corona crisis, highlighting the benefits of the crisis on the market, Invest-Gate reports. Egypt had been hoping for growth between 6 and 6.5 percent before the coronavirus crisis broke out. Dollar Crisis pushes Egypt’s Economy to the Brink. Many Egyptians are drawn to bitcoin amid the coronavirus pandemic, economic crisis and resulting unemployment, Al-Monitor news outlet reported last week. Egypt’s Financial Crisis Hits the Rich. Egypt is working hard to clamp down on the black market, in an attempt to contain its dollar crisis. A growing number of Egyptians are reportedly turning to bitcoin amid rising unemployment and the economic crisis. Who's at fault for Egypt's economic crisis? EGYPT'S ECONOMIC CRISIS INTENSIFIES CNN. An Egyptian bitcoin community is seeing a huge spike in the number of … Photo APAImages/REX Shutterstock. Search. This video is unavailable. The economy contracted 1.7% year-on-year in the fourth quarter of FY 2020 (April–June 2020), according to estimates announced by the Ministry of Planning and Economic Development. 8 years ago . In 2008, the future for Egypt looked bright. In a nutshell. Loading... Close. A revolution in 2011 (and a coup two years later) tipped Egypt into economic crisis. Bitcoin mining and trading expert Muhammad Abd el-Baseer is a prominent member of the Bitcoin Egypt community, one of Egypt’s professional online communities for those interested in cryptocurrency. Investors and tourists fled. Watch Queue Queue. Egypt's Contemporary Economic Problems. Egypt - GDP GDP contracts for first time in nine years in Q4 of FY 2020. Egypt Economic News. Top Export Goods And Partners. The country topped the emerging market economies in containing the rate of inflation during the current year, according to data from the Egyptian cabinet, despite the global repercussions of the health emergency. Egypt’s economy is only collapsing if the definition of an economic collapse is when a country has managed to cut its current account deficit from more than 5 … When the name of the game is consolidating military power, a crisis can be good news. 6:13. With the right government and fiscal incentives for private investment, and in alliance with like-minded partners, these activities could be expanded to build resilient regional supply chains across the Middle East and Africa. MOBILE VIEW. economic crisis Health activist Taher Mokhtar, 2 students released after 7 months in jail 4 months ago economic crisis How to stay hydrated during Ramadan: Five helpful tips Fruit sellers at a street market in al-Duqqi district, Cairo, Egypt, 19 May 2015. Despite its apparently crystalline economic performance, Egypt could not be flaunted as the golden boy of free markets as was Tunisia. CAIRO - 4 October 2020: The Egyptian economy has managed to face the COVID-19 crisis due to its structural diversity, Egypt’s Minister of Planning and Economic Development Dr Hala El … Skip navigation Sign in. Since coming to power, Egypt’s President Abdul Fattah al-Sisi has undertaken various mega infrastructure projects with dubious economic benefits. Egypt VS Coronavirus: Military’s excuse to extend economic control? The macroeconomic situation has deteriorated after the September 11. Growth was anaemic. The Egyptian economy seems on the verge of a profound crisis unless decision-makers in Cairo succeed in reaching exceptional agreements with petroleum exporters. In this third story of our series on the impact of COVID-19 on Egypt, we look at whether the pandemic will allow military control to … Egyptians Increasingly Attracted to Bitcoin Many Egyptians are drawn to bitcoin amid the coronavirus pandemic, economic crisis, and […] It even caused a variety of ecological problems that have been detrimental to Egypt's economy all along. Its principal exports include crude petroleum ($6.84 billion), refined petroleum ($1.34 billion), insulated wire ($996 million), video … Interest in Bitcoin Soars in Egypt Amid Economic Crisis and Unemployment. Egypt’s net foreign reserves had increased in February, part of a significant jump that occurred after implementing a three-year-long economic reform program starting in 2016, with the support of the International Monetary Fund. Egypt economic crisis In near future, experts see a wave of drastic price increases. Egypt: Central Bank cuts rates by 50 basis points for second meeting running in November. And again because of the rapid growth of population, it could not really match the pace of the increasing mouths that Egypt had to feed. Because Egypt's economic crisis has political roots, international donors cannot save the country by themselves. A series of leaders after the uprising have failed to improve the economy, resulting in increased hardship for citizens, especially the poor majority. Egypt is one of only two countries in the Middle East and North African region that the IMF expects the economy to grow in 2020, though at a modest rate of 2%, compared to last year's 5.6%. 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