In his statement before the Shura Council (advisory council) yesterday, Prime Minister Ahmed Nazif said admitted that unemployment threatens Egypt due to low rates of economic growth locally and globally. However, he assured the MPs that his government would try hardly to solve this problem by focusing on the labor-intensive projects during the coming period. Nazif's statement came in difficult circumstances in which the electricity was cut off four times, so he had to deliver his speech without a microphone relying on natural voice.
During the meeting, which discussed the budget's increase, Nazif said the Egyptian government provided solutions for the global financial crisis, as he put it, through investment plans and increased rates of public expenditure. He added that the Egyptian economic growth is linked to the external economy, a matter has its risks.
The government is no longer concerned about the high prices, which already fallen over the past three months, he said, expecting more decline in prices in the near future.
The economic growth rate over the past three years made the Egyptian economy more able to deal with the world crisis in spite of the inevitable effect.
