• 23:48
  • Thursday ,26 September 2019
العربية

We need to be wise

by Ayman Ghali

Article Of The Day

00:09

Thursday ,26 September 2019

We need to be wise

We can t deny that there is anger among the people after president al-Sisi talked about building palaces in the country that suffers from poverty. The regime must be wise and take care of the needy.

In 2008 and 2009, the global economy was based on the real estate economy in America, which collapsed after the bankruptcy of more than 100 US banks and hundreds of millions around the world had a great loss, but those who invested their money in an industry were safe. 

The opposite happened in Egypt after the January 25 revolution when 4200 factories were shut down and didn t open again.  The economies of poor countries are based only on small and micro projects. Their revenues are achieved faster than Mage projects of the state.

China, Brazil and Malaysia became great economic powers through the micro and small enterprises, and their economy is still based on it. The most dangerous thing in Egypt is the interference of the army in the economy and competing with the private sector though all the army institutions are exempted from taxes, electricity and water fees and outside the control of Central Auditing Organization. Such interference of the army affected the economy badly and led to an increase in unemployment in Egypt. We could benefit from such experiences and the army has to leave the economy and concentrate on military and arms factory that will bring better benefit than pasta and cement factories.

The president has to listen to experts and resort to feasibility studies instead of personal decisions. He needs to listen to wise people instead of the military and the beneficiaries surrounding him. Moreover, he should stop spending on unnecessary palaces, conferences and celebrations.