Unemployment to Drop to 10.9% by End of 2018

CAIRO, Oct 10 (SEE) -The International Monetary Fund expected yesterday that unemployment in Egypt is to drop to 10.9 per cent by the end of 2018 from 12.2 per cent in 2017.

In the annual “World Economic Outlook – October 2018” report, IMF predicted that Egypt’s unemployment rate will continue to fall to reach 9.9 per cent by the end of 2019.

“Unemployment in Egypt is prevailing among Egyptian youth, with 77.9 per cent of the total unemployed Egyptians aged between 15 and 29 years,” the IMF pointed out. Egypt plans to reduce the unemployment rate to 8.5 per cent by the end of the financial year 2021-22.

The recovery of foreign reserves and the flexible exchange rate, IMF added, have well-positioned the Egyptian economy to manage any acceleration in foreign inflows.

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