Egypt Independent

Labor organization: Egypt among Arab nations most affected by financial crisis



Egypt is among the Arab countries most affected by the global financial crisis, according to a report from the Arab Labour Organization. Also among the worst-affected were Tunisia, Libya and Morocco.

In a report to be reviewed during the upcoming Arab Labor Conference, the organization said foreign investment, capital and tourism revenue dropped, negatively affecting the four countries.

Tourism revenue in Egypt dropped by 17.3 percent during the first quarter of 2008. The contracts of around 7000 Egyptians working abroad were terminated in 2009 following the crisis.

The organization said it expects an increase in unemployment, which is estimated at 25 percent in Egypt, and is set to increase in Tunisia, Libya, Algeria, Saudi Arabia and Sudan.

The non-governmental organization will hold its annual conference in Cairo from 15 to 22 May under the sponsorship of Prime Minister Essam Sharaf.

Arab labor ministers and businessmen will attend the conference, which will focus on developments in Arab countries and their impact on labor issues.

Translated from the Arabic Edition