Egypt’s tourism industry will suffer a short-term blow in the wake of the Sharm el-Sheik attacks but will bounce back quickly, the nation’s tourism minister said Sunday. A leading financial analyst, however, predicted that Saturday’s attacks, which killed 88 people, could cost the industry — Egypt’s No. 1 source of foreign currency exchange — up to $2 billion during the current fiscal year, which began July 1. The fallout has already started. Italy, Egypt’s top tourist market, has advised its citizens not to travel to Sharm, while some tour operators are offering bleak, medium-term forecasts for the industry. Full Story
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