
Egypt’s Economy, the Muslim Brotherhood & the U.S.
by Rachel Ehrenfeld and Ken Jensen, American Center for Democracy, May 2
Under Muslim Brother Morsi’s inept economic team more than 4,500 factories have shut down. Egypt’s unemployment rate in the fourth quarter of 2012, have reached 13%, most of which, (77.5%) is among the 15-24 years old. Inflation has climbed much above the official 7.5% (March 2013), and foreign currency reserves declined to US $ 13,424 billion. The country spends about $14.5 billion subsidizing fuel and $4 billion subsidizing food each year. Nearly half of Egypt’s 90 million people live at or below the poverty line of $2 per day. The Egyptian Centre for Economic and Social Rights (ECESR), reports of “3,817 labor strikes and economically motivated social protests†following Morsi’s election, and more than 2,400 “between January and March†2013.
Campuses all over the country are rocked by violent demonstrations, and “it’s getting worse by the day,†a student is quoted saying by Al-Hayat. Bloody clashes between students affiliated with Brotherhood and independent and opposition groups have been reported in Cairo’s Ain Shams University, and ongoing demonstrations in Al-Azhar University have gotten more violent after tainted food made dozen of students ill. Continue reading The Morsi Blues




Photograph courtesy of Dr. Muhammad Gerhoum



