Egypt recorded lowest unemployment rate in 20 years during 2nd quarter of 2022

CAIRO - 25 October 2022: Egypt's Economic Conference revealed the government’s efforts to eradicate poverty, confirming that the unemployment rate in Egypt recorded its lowest level in 20 years during the second quarter of 2022 to settle at 7.2%.

 

The unemployment rate in Egypt decreased by 0.1 percentage point over the period thanks to the national projects. The private sector contributes to providing 80% of job opportunities after they were provided by a climate to work in an appropriate environment.  

 

During the social and economic development plan for the year 22/23, the government seeks to reduce the unemployment rate and raise the number of workers by providing 900,000 new job opportunities.

 

This will be through addressing all imbalances in the labor market, most notably the high unemployment among young people, especially those with university qualifications, the discrepancy in the unemployment rate between urban and rural areas, and the low rate of female participation in the labor market.

 

The government plan document submitted to the House of Representatives monitored the development of employment and unemployment indicators.

 

According to the results of the labor force research for the fourth quarter (October/December 2021), the labor force amounted to about 92.65 million individuals, and the number of employed reached about 27.45 million, which means an increase in the number of the unemployed. to about 2.2 million individuals, and the unemployment rate rose to 7.4% in 2021 compared to 7.2% in 2020.

 

The political turmoil during the period from (2011-2013) caused huge losses to the Egyptian economy in an unprecedented manner, according to the testimony of major international institutions and funds.

 

Since 2011, Egypt has suffered for several years from low growth and high unemployment rates, and this exacerbated the problems that are due to the large fiscal deficit, the growing public debt and external fragility, which was illustrated by the loss of foreign exchange reserves.

 

On the level of the unemployment rate, the average unemployment rate increased to 13% during the year (2012-2013), with the real GDP dropping from 5.1% in (2009/2010) to 2.2% in (2012-2013) instead of the estimated 4.9% Before 2011, the unemployment rate rose from 9% in 2010 to 13.2% in 2013.