World Bank’s Malpass applauds Egypt reforms, says more jobs needed

World Bank Group President David Malpass on Thursday praised Egypt’s economic reforms, including efforts to reduce unemployment to below 9 percent.

However, Egypt still needs to create more jobs for its growing population, Malpass said at a press conference during the annual spring meetings in Washington DC.

The newly-named World Bank chief said he would soon contact with Egyptian President Abdel Fattah al-Sisi to discuss ways to accelerate growth rates in Africa and Middle East in the light of Egypt’s leading role in the region.

Egypt’s unemployment rate fell to 8.9 percent in the fourth quarter of 2018 from 10 percent in the previous quarter, the prime minister’s office said in February.

Unemployment in the full year 2018 was at 9.9 percent, the statement added. It stood at 11.3 percent in the fourth quarter of 2017.

The rate has been falling steadily in recent months amid a programme of economic reforms.

Egypt has been struggling to restore economic growth since a 2011 uprising toppled autocrat Hosni Mubarak. The revolt was partly driven by anger about the lack of job prospects for young Egyptians.

Egypt’s president Abdel Fattah al-Sisi had pledged to reduce joblessness to 10 percent over the next few years, a target that will require much higher levels of economic growth.