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Cairo Chamber of Commerce : " Recession in Egypt has reached 60 %"

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Cairo Chamber of Commerce :

Amr Asfour, Vice-President of the Food Division of Food in the Cairo Chamber of Cairo says that the state of buying and selling in the Egyptian market is very bad , saying recession has reached 60% for the first time in Egypt s history

He pointed out that shops are suffer a recession in sales of various commodities, because of the fear of all of the days to come, political unrest and the spreading of rumors about the economic situation of the country and the looming threat of bankruptcy which has made people wary of making purchases in addition to the media discussions of the economic condition the country is experiencing has a negative impact on consumer behavior

Asfour told Youm 7 that markets have nearly two years to stabilize after the completion of the elections of the People s Assembly , Shura Council and the presidential elections and possibly longer if striking continues pointing out that this atmosphere will lead to a decrease in foreign investments.

He said business have sustained many losses especially for those with 24-hour shops many of which have reduced working hours and even the wages of workers.

He criticized the inability of the government to attract investments especially since it is a transitional government incapable of making long term decisions
He pointed up the increase in the exchange value of the dollar which is now worth 6 pounds, which had the result of raising prices for all goods, especially since Egypt imports 80% of its food.

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