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Egypt

Egypt’s Economy On The Brink Of Disaster

Three months after Mubarak’s ouster, foreign investors and tourists have deserted the country, while the Arab spring has raised people’s expectations higher than ever.

Egypt's construction sector is at a standstill
Egypt's construction sector is at a standstill
Florence Beaugé

CAIRO – On the banks of the Nile, carriages and feluccas are waiting desperately for tourists. Despite ridiculously cheap rates offered by travel agencies, foreign visitors are hard to find. A few steps away, the tall, charred building that once served as the headquarters of the Democratic National Party, Egypt's former ruling party, is a reminder of the violence of recent events.

It is now three months since Hosni Mubarak was overthrown, and the Egyptian economy is in a critical state. The country that just a few months ago was struggling to get back on its feet after the financial crisis, and hoping for 7% growth in 2011, now has to make do with an estimated growth of 1%. The International Monetary Fund (IMF) is projecting 4% growth for Egypt in 2012, but the absence of political stability renders the situation very uncertain.

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Mariateresa Fichele

"Dottoré, I know you’re going to say I’m superstitious and strange, you always give rational answers ... but I have to ask you a question: Is it true that ever since our stadium was renamed after Maradona, Napoli doesn't win at home anymore?"

"So?"

"Could it be that Saint Paul, to whom the stadium was initially dedicated, got offended and is making us lose now?"

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