A number of economic experts said the U.S. debt crisis will affect Egypt's economy, especially in the stock market. They call to focus on direct investments, and not the stock market, to avoid repercussion of such crisis on the stock market. Economic expert, Ahmed al-Ghandor, expected the crisis of the U.S. economy will affect Egypt's economy in different fields, especially since the U.S economy is the leader of international economy. Al-Ghandor demanded investing insurance companies to turn their assets to direct investments instead of the stock market to create new job opportunities and to reduce the effects of any potential financial crisis on the Egyptian market. Adviser of the planning institution, Mahmoud Abdel Hay, agreed with al-Ghandor, and demanded the Egyptian government to focus on the industrial sectors that can provide more job opportunities. He warned however that the industrial sector can achieve growth without increasing job opportunities. Banking expert, Sherif Delawar, said only the Egyptian stock market will be strongly affected by the U.S. crisis. He clarified the stock market in Egypt depends on speculation so it doesn't properly benefit the Egyptian economy. Delawar added the repercussions of the U.S. crisis will achieve a number of gains such as the decline of the dollar value in comparison with the Egyptian pound. He said the U.S crisis will lead to the rise of value of Egypt's exports. Delawar added Egyptian banks enjoy its independence and reserves, while the Egyptian economy depends on unofficial economy, which curbs the effects of the U.S. crisis on the Egyptian economy. He said European debts crisis will affect Egypt's economy more than the U.S. crisis.
