Hundreds of billions of dollars were lost by the Egyptian economy between 2011 and 2011, according to Egyptian Prime Minister Mustafa Madbouly.
According to Madbouly, the 2011 and 2013 revolutions and the period of political unrest had a profound impact on Egypt’s economy. The IMF had previously declared that Egypt was in the midst of a radical change period, and the grave events of January 2011 had heralded a time of great expectations as well as significant challenges. After 2011, Egypt saw sluggish growth, high unemployment rates, and a worsening of issues as a result of a significant financial imbalance, escalating public debt, and external fragility, which was made apparent by the disappearance of foreign exchange reserves.
In his remarks at the economic conference’s opening session, Madbouly said in the presence of Egyptian President Abdel Fattah El-Sisi that the country’s economy suffered significant losses between 2011 and 2013 as a result of political instability and the accompanying terrorist attacks. These losses were estimated to total 477 billion dollars, in addition to a 20 percent loss in reserves.
Losses in the tourism industry increased by 32%, pushing the average jobless rate to 13%.
The Prime Minister stressed that Egypt went through very exceptional circumstances, whether the budget deficit, unemployment rate and the average per capita output of the local product, and that Egypt between February 2011 to May 2013 has decreased its credit rating 6 times.
Madbouly continued, that in general, the Egyptian economy faced a catastrophic situation, which resulted in 3% a sharp decline in the growth rate of the Egyptian economy, and the budget deficit rate reached 13%, which is the highest in 30 years, and 516 billion pounds as the largest increase in debt, and the largest contraction in the rates of capital spending about 7% of all governmental spending.
Republic as a source.
Egypt discloses a time during which it lost almost $500 billion.
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