Sunday, December 11, 2011

Economic Problems in Egypt

Egypt's new interim prime minister broke into tears in front of journalists on Sunday as he spoke about the state of the country's economy, saying it was "worse than anyone imagines."
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The IMF is projecting Egypt's economic growth to be just 1.2 percent this year, compared with about 5 percent in 2010.

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Urban consumer inflation in Egypt rose to an annual 9.1 percent in November from 7.1 percent in October. The unemployment rate in the third quarter climbed to 12 percent from just under 9 percent a year earlier. Net international reserves dropped by roughly 40 percent by the end of October, compared with the end of 2010.

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