Egyptian economic expert Nur Nada said that ill-considered Western sanctions will negatively affect many countries, including Egypt, which will suffer as a result of these sanctions.
In an interview with RT, Nada said: “The Third World and Egypt as a model are suffering because of Western sanctions against Russia.”
In Egypt, Nada says: “There are expectations that the Egyptian economy will suffer negatively and seriously as a result of what is happening in Europe of inflationary waves and signs of inflationary stagnation of the European economy, because Egyptian domestic production is dependent on more than 70% on foreign components, operating systems and foreign technologies.
He added that “the negative effects of the privatization policy and the sale of business sector companies are leading the Egyptian government to withdraw from manufacturing activities to some extent after it privatized and sold economic bases and strongholds such as iron and steel, aluminum complex and fertilizers. factories, which increases the dependence of the Egyptian economy on the centers of the world economy and thus increases the foreign content of our national industry.
Dr. Nada added that “relying on monetary policy implemented by the central bank to control
As far as inflation is concerned, in the event of inflation, it will not benefit from the high costs that the Egyptian economy is currently suffering from.”
He added: “Inflation rates and high prices in Egypt are currently the result of imported inflation, and there has also been an increase in costs due to the dependence and dominance of the foreign component in our national industry and the use of monetary policy such as raising the interest rate can lead to economic stagnation and rising unemployment among Egyptians.
Source: RT