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Fikry: Investments & economic activities have become slow due to Eurocrisis

The current economic situation in Egypt is worse than it was during the 2008 economic crisis, according to the Minister of Manpower and Immigration.
Dr. Fathy Fikry, Egyptian Minister of Manpower and Immigration stated that the current economic situation in Egypt is worse than it was during the 2008 economic crisis, according to Masrawy News Portal.

Fikry added that the Eurocrisis caused constraints on foreign funding and direct investment cash flow, as well as tightened the conditions and increased the expenses of loans.

“The Eurocrisis led to reverse cash flow of Egyptian capital, which caused a deficit in the Egyptian balance of trade for the first time in ten years. That is why investments and economic activities have become slow, and the unemployment rate is steady at 13.5% for youth and the educated class,” Fikry explained.

The Minister also highlighted that Egypt is supporting international efforts in finding efficient solutions for global economic problems that could affect Egypt and the whole world on the long run. Fikry also assured that the International Labor Organization (ILO) plays an important role in finding such solutions, since it deals with the social and labor-oriented aspects of such problems.