Egypt Still Suffering Economic Struggle

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Despite the change in politics food prices and other costs have been continuing to rise, leading to sustained economic problems and continued riots.

The problems are thought to by exasperated by the lack of available jobs. According to reports, about two thirds of the Egyptian population is aged below thirty years yet about a third of this group are not in employment.

It was partly due to lack of employment that protests against the former President began. Yet Egyptians do not seem to be experiencing the results they expected, despite later hopes that their economy would be helped by the fall of Gaddafi (read more here).

In fact, the situation has potentially worsened as unemployment levels currently stand at 11.9%, a higher figure than that for 2010.

Another potential cause for Egypt’s struggling economy is a fall in tourism. Prior to the events, Egypt’s tourism was one of its biggest sources of income but recent actions have deterred many tourists from visiting the area.

All of these factors mean that, despite their attempts to enact change, Egyptians are still facing economic uncertainty.

Transfer Money to Egypt

If you are looking to invest in India, think carefully about how you will be transferring money to Egypt. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Egypt – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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Egypt Still Suffering Economic Struggle

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