World Economy

Egyptians Wary of Future

Egyptians Wary  of FutureEgyptians Wary  of Future

After turmoil hit global markets and stirred fear of a possible world economic crisis, Egyptians are holding their breath, fearing their hopes for economic development could be jeopardized, Ahram online reported. Earlier this week, an 8.5% plunge in the Chinese stock exchange sent global stocks plunging, among them the Dow Jones index, which dropped 588 points on what is now being called ‘Black Monday’. The stock market crash was sparked by the release of China’s manufacturing data, which showed that the factory activity of the world’s second-largest economy had fallen to its lowest level since 2009. Egypt-watchers are concerned about a possible global economic crisis, driven by the slowing Chinese economy, that could impact Egypt’s economy, but analysts differ on the extent of the risk the Arab country could be exposed to. “Given Egypt’s economic situation we need capital inflows either through investments or exports or tourism. Consequently, if the Chinese economy slows further dragging the global economy, this could negatively influence Egypt’s economy,” Samer Atallah, economics professor at the American University in Cairo said.