Prime Minister Mostafa Madbouly highlighted that Egypt has made significant progress in reducing its unemployment rate, which now stands at 5.6%, a notable decrease compared to the higher levels of a decade ago.
Speaking at the Doha Forum 2024, he emphasized that over the past 10 years, the government has consistently created new job opportunities while navigating economic challenges.
“Since 2014, Egypt has undertaken major reforms aimed at boosting the private sector, revising laws and procedures to attract more investment, and enhancing the investment climate. A critical outcome of these efforts has been the significant reduction in unemployment, from 13% to 6.5%, with the latest figures showing that the rate now stands at 5.6%,” he stated.
Madbouly pointed out that the government began implementing a policy shift two years ago to reduce the state’s role in the economy and strengthen the private sector to ensure fair competition. This strategic move has been vital for driving economic growth and job creation.
He also noted that Egypt is actively managing population growth and fostering new opportunities, signaling that the country’s economy is poised for further expansion.
Madbouly underscored that these reforms were carried out amid regional tensions and a population increase of 25 million during that period. He highlighted the ongoing economic initiatives, such as the State Ownership Policy document, which promotes a greater role for the private sector and aims to create more job opportunities. Despite regional challenges, these measures have helped Egypt achieve positive growth rates and lower unemployment, with the government continuing to create opportunities to manage population growth and advance the economy to its next phase of development.
