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Pelnēns, Gatis

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lr - Latvia | 08/02/2011

The price of Egypt's protests

The unrest in Egypt will have long-term economic repercussions both at home and internationally, the online newspaper Ir writes and warns of the consequences: "Egypt's tourism industry accounts for roughly ten percent of the country's revenues, and its losses are massive. A million tourists have left the country in the last eight days, costing the country an estimated one billion US dollars. Even if the unrest comes to a quick end, the tourists won't be quick to come back in droves. Potential visitors take an ambivalent view of a country that has been torn by conflict just a short while ago. ... Another problem is the trend in oil prices, which shot up in the wake of the events in Egypt. Although Egypt doesn't export oil itself, much of the oil consumed in Europe is shipped by Saudi Arabia and the Gulf states via the Suez Canal. The quicker the situation stabilises in Egypt, the quicker oil prices will level off."

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