Egypt strikes a patriotic note to improve economy

It’s no secret that Egypt's economy is struggling in the post-revolution period with both foreign investment and tourism, two main pillars, taking a hard hit.

Coupled with the increase in crime, anti-government protests and the general lack of security in the country, the country's economy has been going through a rough patch, since the ouster of former President Hosni Mubarak.
But when a country’s Prime Minister breaks down in tears in front of journalists, it’s a sure sign something isn’t quite right.

Egypt’s Premier Kamal ElGanzoury couldn't control his emotions when he faced the press on the state of the country’s economy, saying “it’s worse than anyone imagines".

He attributed the mess to mismanagement under Mubarak's regime.
The outlook appears dim. There’s a looming currency crisis; Egypt’s foreign reserves have dropped from $36 billion at the start of the year to $22 billion in October, with projections that it will hit $15 billion in January 2012; and the Egyptian currency has also been sharply devalued.

Reportedly, since January, the total economic loss experienced by Egypt has been $7.5 billion.

"The Arab Spring could become a rough economic winter,” said Joseph Torbey, chairman of World Union of Arab Banks on Egypt’s economical situation.

Mr John Kerry, the chairman of the US Senate Foreign Relations Committee, on his recent visit to Cairo stated that a re-establishment of a certain level of security in Egypt was paramount for foreign direct investment, adding that, “the most significant challenge right now is the economic challenge”.

Support their own

However, Egyptians are nothing if not resourceful. Following a call by popular TV personality Amr Adib to come to the rescue of the economy, Friday has been declared a ''Buy Egyptian Products'' day when consumers are urged to choose locally produced goods only.