ALGIERS, Aug 19 – Egypt’s economy is at its lowest following the repression on supporters of Mohamed Morsi by the security forces, 45 days after the army ousted Egypt’s first democratically elected president, Algeria Press Service (APS) reported.
The situation in Cairo and the country’s major cities still remained confusing, while 750 were reported killed due to the violent clashes since last Wednesday.
The difficult situation has dampened the local economic climate with major industrial companies and investors in Cairo stock exchange leaving the country and selling at every turn.
US car manufacturer, General Motors, announced its decision to stop the factory in Egypt and suspends its office in Cairo, while the Swedish Electrolux confirmed that it suspended production in its factories in the country where more than 6,000 employees are working.
Meanwhile, French cement company, Lafarge, stated that it was following the situation closely.
– BERNAMA
