Egypt’s unemployment down to 5.6 percent in 2024

Egypt’s unemployment rate has dropped to 5.6 percent as of December 2024, a significant decline from the 13 percent recorded a decade earlier in 2014, according to Prime Minister Mostafa Madbouly.

“Since 2014, Egypt has implemented major reforms aimed at boosting the private sector, revising laws and procedures to attract investment, and improving the investment climate. A key result of these efforts has been the substantial reduction in unemployment, from 13 percent to 6.5 percent, with the latest figures showing that the rate now madbstands at 5.6 percent,” Madbouly stated during the Doha Forum 2024.

Madbouly emphasized that over the past decade, the Egyptian government has made steady progress in tackling economic challenges by focusing on creating new job opportunities. commitment took a significant turn when the government initiated a policy shift, in line with  Egypt’s loan agreement with the International Monetary Fund (IMF), which included privatizing state-owned assets.

The policy aims to reduce the state’s involvement in the economy and increase privatization to strengthen the private sector and increase fair competition—a strategy that has played a pivotal role in driving economic growth and expanding job creation.