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Series of steps:
Economist George Kazam said the sources of funding for public sector wage growth over the past 12 years were no longer suitable to finance any new growth.
Khozam noted that during previous salary hikes, the government relied mainly on increasing fuel prices to finance the wage hikes.
This growth is redistributed in the form of negative growth in employee wages and an imaginary increase in prices, which is much larger, and given that our fuel prices are already above world prices and above those of our neighbours, raising fuel prices will not be a problem as a source of funding for wage growth.
Kuzam continued: “Extremely high taxes and financial charges, as well as the highest industrial electricity prices in the world, have reached a stage where industrialists and businessmen have fled abroad with their dollar capital, followed by an economic recession caused by rising unemployment and increased production costs.
There will be no more increases because the most severe limit has been reached.
He added: Printing new money without dollars, gold or increased production is the most dangerous.
The economic expert confirmed that the real increase in employees’ wages comes from reducing prices, production costs and the dollar exchange rate, freeing the economy from the clutches of officials who rely on restricting the flow of money and goods under the pretext of reducing the demand for dollars.
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