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Unemployment rate remains below 7.5% despite COVID-19: Planning Minister - Daily News Egypt

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Unemployment rate remains below 7.5% despite COVID-19: Planning Minister

IMF's growth forecast of 3% reflects confidence in Egyptian statistical capacities, says El-Said

Egypt’s unemployment rate has not exceeded 7.5% despite the significant impacts of the novel coronavirus (COVID-19) pandemic, said Minister of Planning and Economic Development Hala El-Said Wednesday.

The March 2020 figures also represent a significant decrease compared to previous rates reported in the country.

El-Said noted that, before the onset of the global pandemic, it was projected that the Egyptian economy would grow by 6%.

“The global economy will witness upheaval, just as the 2008 global financial crisis and the great recession of 1929 led to a 5% reduction in growth rates,” El-Said said, “The pandemic is expected to reduce global growth rates by 7%.”

Egypt is currently facing a variety of challenges as it confronts terrorism and looks to maintain the security of its regional and strategic borders, the minister stressed.

However, the state continues its investment expansion plans targeting promising sectors, to maintain economic development and create job opportunities.

El-Said noted that a decrease in trade and investment of at least 30% is expected, with an commensurate increase in poverty and unemployment rates.

“Coexistence with the pandemic is essential for Egypt’s development plans,” she asserted.

At the same time, the minister pointed out that the International Monetary Fund’s (IMF) confidence in Egypt’s statistical and analytical capacities led to their raising growth rate expectations to 3% this year.

El-Said noted that the Ministers of Education, Higher Education and Scientific Research, and Trade and Industry have cooperated on linking technical education with the labour market.

She noted that Egypt has jumped 17 places on the Global Knowledge Index to the 82nd place, and is the first African country in the Emerging Technologies Index.

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