Thailand, Cambodia clash on new front as tens of thousands flee    Macron's plan to recognize Palestinian state, divides Western allies    Shell invests in Mina West gas development in Egyptian Mediterranean Sea    Egypt's FM delivers Al-Sisi message to Niger's leader, seeks deeper security ties    Rafah Crossing 'never been closed for one day' from Egypt: PM    Egypt will keep pushing for Gaza peace, aid: PM    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Al-Sisi urges accelerated oil, gas discoveries, lower import bill    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



ElBarade: Egypt's economy "is bust"
Published in The Egyptian Gazette on 21 - 05 - 2011

Egypt is disintegrating socially and its economy "is bust," Mohamed ElBaradei, the former director of the International Atomic Energy Agency and possible candidate for the Egyptian presidency, said.
"Right now, socially, we are disintegrating," ElBaradei said on CNN's "Fareed Zakaria GPS," scheduled to air Sunday. "Economically we are not in the best state. Politically it's - it's like a black hole. We do not know where we are heading."
ElBaradei said many Egyptians don't feel secure as the country struggles to create a new government after former president Hosni Mubarak was forced from power by protests earlier this year.
"People do not feel secure," ElBaradei said. "They are buying guns" to protect themselves, he said.
ElBaradei said he wasn't sure when a presidential race could begin because there aren't any laws that outline "how to run a campaign, how you raise funds" or when candidates can become official.
"What kind of state or regime we are going to have?" ElBaradei asked. "Is it a presidential system? Is it a parliamentary system? When are we going to have a new constitution?"
He also expressed concern about the influence of the Islamic group the Muslim Brotherhood, which has had longer to organize than other nascent political contenders.
ElBaradei said the election may slip to next year given the uncertainty.
Amre Moussa, the former Egyptian foreign minister who is stepping down as the head of the Arab League to seek his country's presidency, said in a separate interview on the CNN program that he doesn't think Egypt's current problems will "derail the revolution or derail our quest for and movement towards democracy."
ElBaradei said the Egyptian economy is suffering from no investment, inflation, a budget deficit and lack of tourism. He urged more outside investment in the country to spur an economic recovery.
The number of tourists visiting Egypt slumped by about 60 percent in March from a year earlier, after the popular uprising against Mubarak, according to the Cairo-based government statistics agency. Tourists' spending fell to $352 million from $1 billion, it said.
In addition to lost tourism revenue, factory output has been hit by strikes and near-daily protests since the uprising, many demanding wage increases. Growth may slow to 1 percent this year, the lowest rate in almost two decades, the International Monetary Fund has said.


Clic here to read the story from its source.