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Egypt: Jobless Rate Rose to 12.7% – 3.4 Million Unemployed

Egypt - It could be so beautiful..

The jobless rate in Egypt rose to 12.7% in 2012 amid economic woes according to official figures from Tuesday. In 2011, the jobless rate was 12 percent and 9 percent in 2010. The increase of the unemployed Egyptians is due to the economic crisis and mismanagement of President Mohamed Morsi and his so-called government in Egypt.

The economic crisis in Egypt followed the US-backed toppling of Hosni Mubarak. The jobless rate of 12.7% in 2012 means that about 3.4 million Egyptians were without a job at the end of last year – according to the Central Agency for Public Mobilisation and Statistics (CAPMAS).  The number of people in employment alleged reached 23.6 million out of a population of 84 million in Egypt.

The figures, published by the Central Agency for Public Mobilisation and Statistics (CAPMAS), do not take into account those employed in the informal sector. These figures are to put into questions.

The Egyptian Central Agency for Public Mobilisation and Statistics (CAPMAS) stated in a statement that the increase of the numbers of the unemployed people in Egypt is due to the slowdown of the economic growth in the country and in view of the unstable political conditions in the wake of the January 25 revolution. They probably missed to speak about the mismanagement and corruption by the Egyptian Pharaoh, Morsi, and his so-called government.

The induced unrest which has accompanied the so-called uprising in Egypt which finale toppled Mubarak has caused a significant drop in the revenue from the once very lucrative Egyptian tourism industry, of course.

The foreign reserves in Egypt have plunged from $36 billion to $13 billion in two years, and the budget deficit is increasing and it is to doubt whether this increase can be stopped in a near future – as we have mentioned it here already.

Egypt: $4.8 billion dollar loan

The Egyptian government under the Islamist “President” Mohamed Morsi succeeded in the negotiations with the International Monetary Fund (IMF) about a $4.8 billion loan but this loan is subject to some unpopular economic reforms that could lead to further price hikes – but it isn’t like Morsi would really care about some price hikes for the Egyptian people.

According to the International Monetary Fund (IMF), the talks with the Egyptian government on the financing package have made progress – but Egypt is slipping more and more into a disaster and some at the International Monetary Fund (IMF) know this, too.

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