Egypt Confirms Drop in Unemployment
Egypt announced that unemployment rates dropped to the lowest in nearly 19 years, citing several international institutions that projected further job growth in the coming years.
The Cabinet Media Center published a report noting a positive change in the international view of the country's unemployment and employment levels.
The World Bank expected unemployment to continue to decline, reaching seven percent, by the year 2023/2024, noting that the impact of the initial shock of the coronavirus pandemic on unemployment has started to recede.
The report reviewed the quarterly unemployment rate in Egypt and stated that it is at its lowest level since 2004.
The unemployment rate reached 7.2 percent in the first, second, and fourth quarters of 2022, 7.4 percent during the third quarter, 7.4 percent in the first and fourth quarters of 2021, 7.3 percent in the second quarter, and 7.5 percent in the third quarter.
The center attributed the decline to state efforts in adopting a national strategy to confront unemployment. The strategy aims to achieve sustainable development plans and work through systematic foundations to address the needs of the labor market, qualify the working cadres and raise their efficiency and readiness.