BREAKING NEWS

Egypt says Tunisia turmoil worrying investors

By ASSOCIATED PRESS

JANUARY 23, 2011 20:35

CAIRO — An Egyptian government minister warned on Sunday that investors are growing concerned about Egypt's stability over fears the revolt in Tunisia could spur unrest elsewhere in North Africa and the Middle East.

Last week, Egypt's stock market dropped 8 percent. Several Egyptians set themselves on fire in apparent attempts to copy the young Tunisian vendor, Mohammed Bouazizi, whose self-immolation helped inspire the protests that forced Tunisia's authoritarian president to flee the country.

Egypt's economy had been growing by an annual average of 7 percent for three years before the global financial meltdown in 2008, and officials expect growth of 6 percent in the fiscal year ending in June. But the benefits have not trickled down to the masses of impoverished Egyptians.

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