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Egypt’s unemployment rate exceeds 25%

The unemployment rate in Egypt has soared to 25 per cent, said the former World Bank Middle East Director Khaled Ikram, although official estimates show that unemployment rate does not exceed 13 per cent.

In statements to the official Egyptian news agency (MENA), Ikram called on the Egyptian government to benefit from Gulf financial aid by providing job opportunities for youth and supporting small and medium-sized enterprises. He stressed on the need to reopen factories that have been closed in the aftermath of the 2011 revolution.

However, Ikram urged Egyptians who are frustrated from the economic situation to be patient. “Resources are limited, but Egypt will have a bright future,” he said.

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