Egypt 'suffering worst economic crisis since 1930s'

Former finance minister and economist say Egypt is in dire predicament as foreign investment and tourism collapse

Patrick Kingsley in Cairo
guardian.co.uk, Thursday 16 May 2013

"Egypt is suffering its worst economic crisis since the Great Depression, a former finance minister of the country and one of its leading economists have warned.

In terms of its devastating effect on Egypt's poorest, the country's current economic predicament is at its most dire since the 1930s, Galal Amin, professor of economics at the American University in Cairo, and Samir Radwan, finance minister in the months after Egypt's 2011 uprising, said in separate interviews with the Guardian......

Economists often predict a so-called "revolution of the hungry", should conditions worsen further. But for Radwan, Egypt is already at that stage: robbery rose 350% in 2012 as Egyptians took wealth redistribution into their own hands. "The elite sits there saying the revolt of the hungry is coming," said Radwan. "What do you mean it's coming? Are you waiting for a violent, bloody destruction of the Bastille? It's already there.""