Political observer Hamdy Abdel-Azeem
Egyptian economic experts have identified political uncertainty as the main reason behind the country's mounting economic problems
They claimed that Egypt's stock market lost four billion EGP following the ouster of President Mohammed Morsi on Wednesday.
Political observer Hamdy Abdel-Azeem told Arab Today that the current political situation is bound to have an adverse impact on Egypt's economy, predicting that the tourism sector will take a significant hit.
Abdel-Azeem said that several countries have already warned their citizens against travelling to Egypt. "The banking sector and foreign investments will also suffer due to the recent events, and many investors have already left Egypt," he explained.
He added that the that as the price of the US dollar rose, there had been a notable decline in the foreign reserve, and an increase in the inflation rate.
Banking expert Mohsen Adel warned that panic among citizens was a threat to the state's monetary liquidity.