The Minister of Planning and International Cooperation, Ashraf al-Araby, said that the budget deficit was the primary reason for the decline in growth rates. He pointed out that the Cabinet plans to decrease the budget deficit at the end of the 2013-2014 fiscal year to 10 percent of the GDP.
Araby said during an interview with al-Kahera Wal Nas Channel aired on Saturday evening that unemployment rates rose after the 25 January revolution and have reached 12.5 percent of the GDP in recent months. He also said that that youth unemployment is now over 30 percent.
He added that the government has a plan to expand populated areas of land from 7 percent to 15 percent within 10 years.
Araby said that Egypt has plans and strategies to increase the rate of economic growth but that they unfortunately change with Cabinet changes.
He pointed out the importance of following through on the implementation of fixed plans.
Araby described investments in Egypt as a "bet on the future."
Edited translation from Al-Masry Al-Youm
