Report: Egypt Protests Cost $310M per Day

Friday, 04 Feb 2011 07:27 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

CAIRO — Credit Agricole says Egypt's ongoing political crisis is costing the country at least $310 million per day.

In a report released Friday, the investment bank said it was revising down its forecast for Egypt's economic growth to 3.7 percent from 5.3 percent in 2011.

Egypt's economy has been battered by the more than week-old protests in which tens of thousands are demanding President Hosni Mubarak's ouster.

Banks and the stock exchange have been closed all week, while most factories have been shuttered. Tens of thousands of tourists have fled the country because of the violence, dealing a hard blow to the vital tourism sector.

The unrest has led to price spikes of food in some areas of Cairo, further straining Egyptians who had complained about rising costs.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Ralph Peters: 'Psychological Problem' Makes Obama Indecisive

Tuesday, 02 Sep 2014 22:57 PM

President Barack Obama isn't making decisions on major world events because he isn't capable of doing so, retired Lt. Co . . .

Republicans Call For Swift Action Against ISIS

Tuesday, 02 Sep 2014 21:28 PM

Republican lawmakers sounded a clarion call for quick, decisive action against Islamic State (ISIS) militants after the  . . .

ISIS Apologizes - for Releasing Beheading Video too Soon

Tuesday, 02 Sep 2014 22:40 PM

Islamic State (ISIS) militants apologized after releasing a gruesome video that purports to show the beheading of Americ . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved