Egypt’s official Central Age ncy for Public Mobilization an d Statistics reported that the country’s unemployment rate climbed nearly 1% alr e ady through the first quarter of 2009 from 8.8% to 9.4%, the government-run Midd l e East News Agency said.
Most knowledgeable analysts believe the actual figures to be at least twice the official government statistics.
Government officials remain confident that the country is dealing with the curre nt global economic crisis well.
The country is suffering economically slightly with projected economic growth to slump to under 4% after nearly four years of over 7% growth rates.
The result has been largely due to drops in Suez Canal traffic, worker remittanc es and foreign investment revenues.
Already in 2009, leading real estate companies have stopped development on major projects in and around Cairo.
Experts expect the growth to pick up again in 2010, although foreign investment is expected to remain stagnant for a few years.