Title: Losses may exceed $4 billion, Israel has not fallen, Egypt can't sit still first!
At present, the situation in the Middle East is extremely tense, especially in Gaza and the Red Sea region, and the conflicts and blockades have brought great challenges and impacts to neighboring countries, especially Egypt.
The Gaza issue has always been a "hard nut" in the Middle East. The escalating conflict between Hamas and Israel, coupled with the Houthi blockade of shipping lanes in the Red Sea, has put Egypt in an awkward position. This situation has not only dealt a heavy blow to Egypt's economy, but has also exacerbated the pressure and challenges at home and abroad in the country.
Egypt is the only canal in the world that connects the Mediterranean Sea to the Red Sea, and the importance of the Suez Canal cannot be overstated. It is the lifeblood of the world's best, with tens of thousands of ships passing through it every year, bringing considerable income to Egypt. However, due to the blockade of the Red Sea shipping lane, Egypt's economic losses have increased dramatically and are worrying.
According to data from Egypt's Suez Canal Authority, only 544 ships passed through in early January 2024, a year-on-year decrease of 30%, and revenue was 4% year-on-year. The loss is a huge shock to Egypt, which is expected to lose about $4 billion in revenue this year, further exacerbating the pressure on Egypt's economy.
However, this loss is not just numerical, it has a direct impact on the lives of Egyptian nationals. In order to ensure the basic livelihood of its citizens, Egypt has to subsidize the "Egyptian flatbread" in large quantities, which further increases the financial burden on the country. Considering that Egypt's economic situation in recent years has been not optimistic, this loss is undoubtedly worse and worrying.
In the face of this situation, Egypt is facing great pressure and dilemma. On the one hand, they cannot take effective measures directly against the Houthis, because the Houthis are so powerful that Egypt does not have enough strength to deal with them. On the other hand, Egypt, as a member of the Arab world, has to express its support for the actions of the Houthis in order to maintain the unity of the Arab world.
However, the root of the problem is not in Egypt, but in Israel. Israel's long-standing military campaign in Gaza, as well as its various restrictions and demands on Egypt, have put Egypt in a passive position. Israel has not only imposed restrictions on border crossings in Gaza, but also used Egypt as a transit point and refuge for Gaza refugees, which has brought great distress and challenges to Egypt.
In the current situation, Egypt needs to take action to defuse the crisis and find a way out. First, Egypt should communicate with Israel through diplomatic channels to find an effective way to resolve the Gaza issue. Only by ceasing Israel's military operations in Gaza can the current situation be alleviated and a better environment for the development of Egypt and neighboring countries.
Second, Egypt needs to reduce its dependence on Suez Canal revenues by strengthening its own economic construction and development. Egypt should actively promote the diversification of its domestic economy, find new economic growth points, reduce its excessive dependence on Suez Canal revenues, and enhance the country's economic resilience and resilience.
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