Egyptian Economy to Benefit from Fall of Gaddafi?

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With the fall of Gaddafi appearing to be imminent, experts have claimed that the change could help to strengthen the Egyptian economy by stabilizing Libya.

The Libyan nation is known for its energy-rich industry and land, and as the fall of Gaddafi seems inevitable, it is estimated that investment will be renewed in the country. Whilst this is an obvious benefit for Libya it has also been estimated that the move could help to boost the failing economy of Libya’s neighboring country – Egypt.

Egypt’s troubled economy is expected to be strengthened alongside that of Libya if investments are renewed. It is alleged that a strengthened Libyan government and economy will see an increased demand for Egyptian labour whilst also creating a stable market for their products.

Claims that a vast proportion of the Libyan terrain is unchartered due to the lack of use of resources have sparked ideas that this will lead to an increased demand for labour. Libya is expected to need a mixture of skilled and unskilled workers over the foreseeable future, something which is likely to be provided by Egypt.

The workers are expected to be needed for all aspects and sectors of business, meaning that growth is expected to have a fairly even distribution with the Egyptian system. By increasing the amount of Egyptian workers the country will therefore experience economical growth, helping them to become more financially stable

Prior to the uprisings, which began in February, as many as 1 million Egyptians were working within Libya. Many of these were then forced to flee in light of recent events, with a number of evacuations occurring.

A strengthening Libyan economy could therefore see a similar number of Egyptians re-employed in the same areas, benefiting both countries with increased revenue and investment.

Transfer Money to Egypt

If you are looking to invest in Egypt, 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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