In a compelling address at the Doha Forum 2024, Prime Minister Mostafa Madbouly underscored Egypt’s impressive progress in reducing unemployment, which now stands at a historically low 5.6%. This marks a substantial improvement from the higher levels of unemployment seen a decade ago.
Madbouly attributed this achievement to the government’s comprehensive economic reforms, which have not only created new job opportunities but also helped the country navigate complex economic challenges. “Since 2014, Egypt has implemented transformative reforms aimed at enhancing the private sector, overhauling laws, and improving the investment climate,” he stated. These measures have had a tangible impact, reducing unemployment from 13% to 6.5%, with the most recent data reflecting an encouraging further decrease to 5.6%.
Strategic Shifts: Empowering the Private Sector for Sustainable Growth
A pivotal element of Egypt’s economic recovery has been the shift in policy towards a more private sector-driven economy. Madbouly emphasized that two years ago, the government initiated a fundamental policy change to reduce its role in the economy, enabling the private sector to thrive. This shift is designed to foster fair competition and promote long-term economic growth, positioning Egypt as a dynamic market for both local and international investors.
The Prime Minister also highlighted Egypt’s strategic management of population growth, with 25 million new citizens added in the past decade. Despite this demographic challenge, Egypt has managed to sustain positive economic growth and reduce unemployment, a testament to the resilience and effectiveness of its reform efforts.
Ongoing Reforms: A Blueprint for Job Creation and Economic Expansion
Looking ahead, Madbouly pointed to the State Ownership Policy as a critical initiative in further strengthening the role of the private sector. This policy aims to open up more opportunities for job creation while continuing to drive the country’s economic expansion. Despite the regional economic challenges, these ongoing reforms are creating a favorable environment for sustained growth, as the government works to manage demographic shifts and move Egypt’s economy to the next stage of development.
In conclusion, Prime Minister Madbouly’s remarks at the Doha Forum highlight Egypt’s remarkable progress in addressing unemployment and steering the economy toward a more sustainable and private-sector-driven future. His focus on continuing reforms and fostering a competitive economic environment reflects Egypt’s commitment to achieving long-term prosperity.
