Egypt Plans to Create 800,000 Jobs in FY2023/2024Source: www.export-egypt.com 10/30/2023, Location: Africa |
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The Egyptian government is planning to create around 800,000 new jobs during the fiscal year, according to a report by the Ministry of Planning and Economic Development.
The new jobs will be provided mainly in agriculture, construction, retail, and manufacturing sectors, the report said. The report expected the labour force to reach 29.1 million in FY2023/2024 and the unemployment rate to reach 7.6 percent. The government plans to increase female contribution to the labour force from 16 percent to 25 percent in the current fiscal year. Furthermore, the report estimates unemployment rate to decline gradually to reach 6.9 percent by the end of FY2025/2026. The total number of people in the workforce in the second quarter increased from 30.571 million in the previous quarter to 30.969 million, an increase of 400,000 people or 1.3 percent. The total workforce consists of 25.514 million males and 5.455 million females. Among these, 13.375 million individuals were part of the urban workforce, while the rural areas have 17.594 million individuals. The Egyptian Ministry of Labour and Immigration is currently drafting the National Strategy for Employment, which will contribute to outlining the market needs to reduce the unemployment rates. |
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