Egyptian journalist Lamis El-Hedidi has described the current global economic developments as an "economic tsunami," citing a high level of uncertainty and a rise in oil prices to $117 per barrel. She warned that if prices reach $120 per barrel, the global economy may not be able to cope. El-Hedidi made these comments during her program "Al-Sura" on the Egyptian television channel "Al-Nahar."
El-Hedidi noted that the current economic situation is difficult to predict, and its impact may be more far-reaching than initially thought. She stated that the world is experiencing more than just an economic earthquake, with increasing pressure on markets and economies. According to El-Hedidi, the Egyptian Central Bank has taken smart measures to mitigate the effects of inflation, but these decisions may not be welcomed by all investors.
El-Hedidi emphasized that dealing with the current economic situation requires reducing spending as much as possible, both for citizens and the state. She advised citizens to postpone buying non-essential goods and services, stating that if a person does not need something, it is better not to buy it during this time of economic uncertainty. This approach can help alleviate the pressure on the economy and reduce the impact of the current turmoil.
On the state level, El-Hedidi stressed the importance of reducing spending and finding new sources of foreign currency to minimize reliance on hot money flows and interest rate trading. She noted that these measures can make the economy more vulnerable to external fluctuations. El-Hedidi's comments come as Egypt, like many other countries, faces economic challenges, including high inflation and a decline in the value of its currency.
The current economic situation in Egypt is characterized by a decline in the value of the Egyptian pound against the US dollar and rising inflation. The country's economy has been affected by global economic trends, including the rise in oil prices and the impact of the COVID-19 pandemic. El-Hedidi's call for reduced spending is seen as a way to mitigate the effects of these challenges and promote economic stability.
El-Hedidi's program "Al-Sura" is a popular television show in Egypt that focuses on current events and economic issues. Her comments on the economic situation have sparked a wide range of reactions on social media, with some agreeing with her assessment and others disagreeing. The Egyptian government has taken steps to address the economic challenges facing the country, including implementing economic reforms and seeking financial assistance from international institutions.
The situation is being closely watched, with many eyes on November 3, as the economic uncertainty continues to unfold.
Key points
- El-Hedidi warns of an economic "tsunami" and calls for reduced spending.
- The Egyptian Central Bank has taken measures to mitigate the effects of inflation.
- Citizens are advised to postpone buying non-essential goods and services.
