BREAKING NEWS

Report: Egypt protests cost $310M per day

By ASSOCIATED PRESS

FEBRUARY 4, 2011 18:23

CAIRO — Egypt's economy has lost at least $3.1 billion as a result of the political crisis in the country, investment bank Credit Agricole said in a report released on Friday, as tens of thousands of protesters massed in downtown Cairo demanding the president's ouster.

The unrest that began on Jan. 25 led to the shuttering of businesses and companies, the closure of banks and the stock exchange and the exodus of thousands of tourists as the demonstrations. The ensuing violence almost overnight drove a nation once seen as a pillar of stability to the brink of chaos.

Credit Agricole, in one of the first assessments quantifying the damage to the economy, said the crisis is costing Egypt at least $310 million per day. The bank also revised down its forecast for 2011 GDP growth to 3.7 percent from 5.3 percent and said the Egyptian pound could see a depreciation of up to 20 percent.

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