Dr. Mohamed Gouda, spokesman for the Freedom and Justice Party (FJP)’s Economic Committee, refuted rumors being persistently reported in print and broadcast media about the poor economic situation in Egypt, pointing out that there is a difference between explaining the economic situation and spreading panic.

In a press statement, Gouda affirmed that the economy was suffering a lot of problems since the era of ousted Mubarak regime, which plundered the country’s wealth for so long.

"Economic problems can be solved. There is nothing impossible about them. But security and political stability are essential to help the economy and implement the reform plan.

"Egyptian opposition parties’ political performance is very weak. They effectively turned political competition into political conflict and strife, which had a clearly negative impact on the economy. There is absolutely no doubt that downgrading Egypt’s credit rating was a direct result of the political turmoil the opposition caused.

"The economy will recover. Egypt is capable of getting out of this crisis. Many countries overcame worse crises, and are now strong economies."