Planning Minister: Unemployment Decreased to 7.3%

Egypt's Minister of Planning and Economic Development Hala al-Saeed confirmed on Wednesday the decrease in the unemployment rate to 7.3% in the third quarter  of the year (July-September) in light of the Covid-19 crisis, compared to 6.9% last year.

In her speech at the second round of Egypt Economic Summit, al-Saeed noted that all international institutions praised the Egyptian response to the first wave of the Coronavirus pandemic. They described it as the best in Africa and the Middle East.

The minister of planning added that the Egyptian plan was studied well and targeted all sectors to mitigate the effects of the Covid-19. The plan included tourism, travel, aviation, small, medium, and micro-enterprises, in addition to supporting sectors that have flexibility.

The Minister pointed out that Egypt has experienced many challenges in recent years such as the consequent imbalances in the Egyptian economy  as the indicators declined to reach 1.8%.

She explained that the Coronavirus pandemic increased the severity of the challenges, especially in light of the latest developments in the Arab region and neighboring countries.

Today`s Economic summit received more than 20 speakers, experts, and opinion leaders from the government and private sectors. They came to discuss economic opportunities in Egypt after the Coronavirus crisis in a number of influential and pivotal sectors of the Egyptian economy.

The summit also touched out the most prominent issues related to the Egyptian economy. It included 3 sessions, the first of which focuses on the banking and investment sector. It is specialized in the role of banks in supporting the Egyptian economy during the Covid-19 crisis.

The second session will discuss the role of the real estate sector, which has proven its effectiveness as one of the most resilient and stable sectors during the Coronavirus crisis. The third session will review the extent of infrastructure preparedness for the digital transformation plan in Egypt in the wake of the Coronavirus crisis.