Egypt's unemployment rate reduced to 5.6%

Prime Minister Mostafa Madbouly emphasized that Egypt has made substantial strides in reducing its unemployment rate, which now stands at 5.6 percent, a significant decline compared to the higher levels of a decade ago.

Speaking at the Doha Forum 2024, he highlighted that over the past 10 years, the government has consistently worked to create new job opportunities while navigating economic challenges.

“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 stands at 5.6 percent,” he stated.

Madbouly noted that the government initiated a policy shift two years ago to reduce the state’s role in the economy and bolster the private sector to foster fair competition. This strategic shift has been essential for driving economic growth and job creation.

He added that Egypt is actively managing population growth and creating new opportunities, signaling that the country’s economy is poised for continued expansion.

Madbouly underscored that these reforms were carried out amid regional tensions and a population increase of 25 million over that period. He also highlighted ongoing economic initiatives, such as the State Ownership Policy document, which supports 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 develop opportunities to manage population growth and advance the economy to its next stage of development, according to the Prime Minister.