Egypt Confirms Drop in Unemployment

An employee arranges freshly baked flatbread in front of a bakery in the downtown district of Cairo, on March 12, 2023. (AFP)
An employee arranges freshly baked flatbread in front of a bakery in the downtown district of Cairo, on March 12, 2023. (AFP)
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Egypt Confirms Drop in Unemployment

An employee arranges freshly baked flatbread in front of a bakery in the downtown district of Cairo, on March 12, 2023. (AFP)
An employee arranges freshly baked flatbread in front of a bakery in the downtown district of Cairo, on March 12, 2023. (AFP)

Egypt announced that unemployment rates dropped to the lowest in nearly 19 years, citing several international institutions that projected further job growth in the coming years.

The Cabinet Media Center published a report noting a positive change in the international view of the country's unemployment and employment levels.

The World Bank expected unemployment to continue to decline, reaching seven percent, by the year 2023/2024, noting that the impact of the initial shock of the coronavirus pandemic on unemployment has started to recede.

The report reviewed the quarterly unemployment rate in Egypt and stated that it is at its lowest level since 2004.

The unemployment rate reached 7.2 percent in the first, second, and fourth quarters of 2022, 7.4 percent during the third quarter, 7.4 percent in the first and fourth quarters of 2021, 7.3 percent in the second quarter, and 7.5 percent in the third quarter.

The center attributed the decline to state efforts in adopting a national strategy to confront unemployment. The strategy aims to achieve sustainable development plans and work through systematic foundations to address the needs of the labor market, qualify the working cadres and raise their efficiency and readiness.

It quoted the "Oxford Business Group" as saying that Egypt could benefit from its economic potential within the framework of generating considerable and sustainable social benefits, evident through the drop in unemployment rates.

The Group said Egypt needed to reduce unemployment, which reached 12.6 percent in 2016 and should focus on vocational training to prepare skilled workers.

The report reviewed the most important indicators of the labor market, with the labor force increasing by 9.4 percent, or 30.3 million individuals, in the fourth quarter of 2022, compared to 27.7 million in the fourth quarter of 2014.

The number of workers increased by 17 percent, or 28.2 million individuals, in the fourth quarter of 2022, compared to 24.1 million in the fourth quarter of 2014.

Unemployed individuals decreased by 38.9 percent, reaching 2.2 million in the fourth quarter of 2022, compared to 3.6 million in the fourth quarter of 2014.

The report discussed the most important economic activities contributing to creating new job opportunities, reviewing the most important economic activities to which the most significant number of workers shifted during the fourth quarter of 2022.

Moreover, about 233,000 workers shifted to work in agriculture and forest exploitation, 126,000 to education, 66,000 to electricity and gas supply, and 62,000 changed their occupation to construction.



Gold Steady as Inflation Data Sparks Caution over Fed Rate Outlook

Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Steady as Inflation Data Sparks Caution over Fed Rate Outlook

Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices held steady on Thursday as investors assessed a wave of economic data indicating persistent US inflation, hinting that the Federal Reserve may proceed cautiously with further interest rate cuts.
Spot gold held its ground at $2,637.78 per ounce, as of 0739 GMT.
US gold futures edged 0.1% lower to $2,637.30.
The market is focusing on the Fed's rate cuts, with the latest core Personal Consumption Expenditures (PCE) data suggesting slowing inflation, leading to expectations that the Fed's policy next year might be less dovish than previously projected, said Kelvin Wong, OANDA's senior market analyst for Asia Pacific.
The Fed's struggle to bring inflation back to its 2% target, combined with the possibility of higher tariffs under the upcoming Trump administration may constrain the central bank's ability to implement rate cuts next year.
Markets now see a 68.2% chance of a quarter-point rate cut in December, as per the CME group's FedWatch tool.
Elsewhere, Mexican President Claudia Sheinbaum warned of retaliation if Trump enforces a 25% tariff, citing potential US job losses and higher consumer prices.
Gold is regarded as a safe-haven investment during periods of economic or geopolitical instability, including trade wars.
Trading is expected to be thin with US markets closed on Thursday for the Thanksgiving holiday.
In the short term, particularly over the next few days to two weeks, gold could come under further pressure, Wong said, adding the longer-term bullish trend for gold, however, remains intact.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.10% to 878.55 metric tons on Wednesday.
Spot silver fell 0.8% to $29.84 per ounce, platinum edged 0.1% higher to $928.10 and palladium added 0.6% to $978.05.