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Egypt's Unemployment Rate Improves by 2.3%

Though a seemingly minuscule percentage, it's nonetheless a sign of a recovering economy.

In a turn of upbeat news, Egypt's unemployment rates have gone down by about 2.3% over the past 3 years, as a result of the Egyptian economic reform programme; a three year endeavour approved by the IMF in late 2016 to push the country’s struggling economy. The plan was approved following the deterioration of economic growth caused by the 2011 uprising - which drove tourists and foreign investors away.  

According to Finance Minister Amr el-Garhy, the greatest success of this program was the job opportunities provided by huge governmental projects. The unemployment rate today sits at 11.3%; a 2.5% decrease since 2013. President Abdel Fattah al-Sisi has promised to reduce this rate to 10% over the next 3 years. However, youth unemployment is on the rise; with a massive 9% increase last year, of which 78% are women. The IMF says that Egypt’s private sector needs to become the main engine of growth in order to create more jobs for Egypt’s young population.

Tourists are thankfully coming back, as political and security concerns slowly dissipate following a trying time for the country. The Minister announced that tourism revenues have doubled this year; a massive improvement to one of Egypt’s key industries. Foreign investors have been attracted by the currency devaluation and are greatly contributing to Egypt’s economic recovery.


Todays Events
The Gypsy Jazz Project @   CJC 610
Clubs
Date: 9/22/2018
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club 610
Al Mena ft. RT Nuba  @ Cairo Jazz Club
Clubs
Date: 9/22/2018
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club
One-Day Pottery Workshop @ Darb 1718
Workshop
Date: 9/22/2018
Time: 11:00am - 1:00pm
Venue: Darb 1718
Acceptance Exhibition @  Picasso East
Exhibitions
Date: 9/22/2018
Time: 7:00pm - 10:00pm
Venue: Picasso East Art Gallery
Collectors Eye V @ UBuntu Ar
Exhibitions
Date: 9/22/2018
Time: 10:00am - 5:00pm
Venue: Ubuntu Art Gallery
Emdan El Nour @Underground
Clubs
Date: 9/22/2018
Time: 10:00pm - 4:00am
Venue: UnderGround
Dalia Farid @  ROOM Art Space
Concerts
Date: 9/22/2018
Time: 9:00pm - 10:30pm
Venue: Room Art Space
Waslet Samaa @ El Sawy Culturewheel
Concerts
Date: 9/22/2018
Time: 7:00pm - 9:00pm
Venue: El Sawy Culturewheel