Interpreting Middle East Economic News and Analyzing Market Trends

Category: Egypt

Hey Egypt: How’s Sisi working out for you?

Cairo Egypt

Photo Source: Global Finance

 

In May 2014, Abdel Fatah Al-Sisi, former chief of the Egyptian military, became the country’s president after a nationwide election.  The main reasons for his rise to power stem from the wide-spread belief that the former president, Mohammed Morsi, was corrupt and was damaging the economy.  Rising food prices and unemployment coupled with an increasing number of power outages further reinforced Egyptians’ view of Morsi.  What has changed in Egypt since Sisi’s election?

 

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Worldwide youth unemployment stuck at record levels, outlook for the Middle East is especially poor

Youth Unemployment Global

Click on map for a large image

We reported last year on the terrible outlook for youth unemployment around the world (read the story here).  The map above is an update on this global problem.  The situation is particularly bank for the Middle East and Southern Europe.  The are no indications that this problem will go away any time soon.

 

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What’s at stake for the Middle East in Ukraine

Ukraine Farmalnd

Photo Source: Modern Diplomacy

With the crisis in Ukraine going from bad to worse, all attention has been on the increasing tensions in the region and its effects on the Ukrainian and Russian economies.  There is a lot more at stake than these economies alone.  Take for example the Middle East; it has a lot at stake in the Ukraine than most realize.  Not much has been said about this, which needs some attention.

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Meet Egypt’s next dictator: Abdel Fattah El-Sisi

 

el-Sisi-and-Morsi

Photo source: FPIF.org

Meet Egypt’s future dictator, Abdel Fattah El-Sisi in the photo above, he’s the one on the left.  The one on the right is the former democratically elected president, Mohamed Morsi.  Morsi is now in jail.

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Egypt’s sovereign credit rating upgraded (but still junk) with a stable outlook siting $12 billion in aid from GCC countries

Cairo Traffic

Photo source: Think Progress

Standard & Poor’s raised Egypt’s long and short-term credit rating from real junk to junk siting $12 billion in aid pledged by GCC countries as one of the main reasons for the improvement.  The firm also says it has a stable outlook on the country going forward.  What has changed since Morsi left and the outlook was negative?  The economy has not improved.  Some would even say it’s getting worse.  The $12 billion pledgde is still a pledge, not much has been delivered yet and there are no guarantees that Egypt will get this money… its merely a pledge and not a legal promise as Kuwait is finding out.

 

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