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Abou El Enein: Global Economy Badly Affected Due to Coronavirus

Wed 25 Nov 2020 | 09:36 PM
Hassan El-Khawaga

Member of the House of Representatives Mohamed Abou El Enein said on Wednesday the coronavirus pandemic badly affected the global economy; the supply and chain process, weakened the purchasing power and the export flow.

Abou El Enein was speaking during his interview with Carolina Nassar of Sky News Arabia channel about the effects of the coronavirus pandemic on the global economy, especially on the Arab region.

The chairman of Cleopatra Group pointed out that there is a great concern about buying durable goods and pumping new investments, noting that the oil-producing countries would suffer losses, unlike countries that mainly focus on scientific research.

Abou El Enein mentioned that the Arab countries lost over 6 million jobs due to the pandemic and more Arab peoples will be under the poverty line.

Regarding the coronavirus vaccine and its effects, the MP recalled President Abdel Fattah El Sisi's words when he said that the real coronavirus vaccine is the citizens' awareness about the pandemic.

"The vaccines will positively improve the industrial process, but with reservations," the business tycoon said, adding that the supply chains will change as all the world's countries can not depend on two or three countries to supply them with the vaccine.

"The coming phase needs more support to the youth's innovations and discussing ways to enter them into the Fourth Industrial Revolution," he stated.