A vendor sells belts at an old market in Cairo, Egypt, Dec. 31, 2023.(Photo: Xinhua)

 

A vendor sells bread at an old market in Cairo, Egypt, Dec. 31, 2023. (Photo: Xinhua)

Egypt's economic difficulties and the ongoing conflict in the nearby Gaza Strip are the concerns of Egyptians as they make wishes for the New Year.

"I hope it will be a year of maintaining security and stability in Egypt and settling the Palestinian issue so that peace prevails in the region," said Zahran Ahmed, an Arabic teacher at a school in Cairo.

"As for rising prices, I hope the government will strictly supervise the market and the prices set by merchants to combat commodity monopoly," he said.

Egypt's economic challenges include a shortage of hard currency, growing external debt, and high inflation, which have affected the living standards of over 100 million citizens in the most populous Arab country.

While Egyptians have been struggling under skyrocketing inflation throughout 2023, the ongoing Israeli deadly siege and bombardment in Gaza, which have killed nearly 22,000 Palestinians and injured around 56,500 others since Oct. 7, added further pain to many Egyptians.

"We cannot forget our people in Gaza who have been suffering an Israeli aggression for about three months now. I hope the war stops very soon to relieve the people in Gaza," said Abdullah Al-Nozahy, a manager at a medical center.

He also wished that Egypt would promote local products, reduce the trade deficit to face the shortage of the U.S. dollar, and curb inflation.

In a crowded neighborhood in Giza province, vendors set up stands and carts on several main streets and marketplaces. They displayed a variety of festive New Year items, such as colorful party hats, balloons, funny face masks, trumpets, and more.

One of the vendors was Ibrahim Tamer, 31, a man with three children, who said that he wished prices would "cool down a bit" in the new year.

"We are really pressured by high prices, but we're still hopeful," the vendor said, noting that his sales on the New Year's Eve are less than previous ones.

At a nearby local coffee shop, retired carpenter Salah Fadel, 82, said that he wished for the well-being of his children and grandchildren and for peace to replace conflicts in the region and the entire world.

Seeking to ease anxieties ahead of the New Year, Egyptian Prime Minister Madbouly unveiled on Saturday a plan to stabilize prices of everyday staples like sugar, pasta, and cheese, placing them under government supervision and labeling them "strategic" commodities.

The Egyptian pound has lost more than half of its value since March 2022. Many people in Egypt are concerned about another round of local currency devaluation in 2024, as an expected monetary measure by the government to contain inflation.

"Until the economy improves, I believe we just have to adapt to austerity, buy only basic needs and give up unnecessary purchases," Zainab Mohamed, a housewife, recommended. "There's nothing else we can do."

Despite the increasing financial pressures, many Egyptians choose to welcome the New Year with a spirit of optimism and hope for a better tomorrow.

Ahmed Magdy Hegazy, professor of political sociology and former dean of the Faculty of Arts, at Cairo University, said that global crises and conflicts over the past couple of years negatively affected developing countries the most.

The professor explained that sociology theories always teach how people adapt in times of hardships and crises to find a way out.

"People tend to adapt to new conditions to overcome them, and they need to have future visions and hope in the future to survive," Hegazy said.

"Without hope, there's no life," Hegazy noted.