CAIRO, June 3, 2018 (MENA) - The planning and budget committee of Egypt's parliament Sunday reviewed a draft plan to achieve medium-term sustainable development (2018-2019 / 2021-2022). The plan is meant to gradually push the GDP up from 5.8 percent during the first year (2018-2019) to 8 percent in 2021-2022, said head of the committee Hussein Issa. It also aims to increase labor market capacity to be able to create 750,000 jobs in 2018-2019 and gradually reach 870,000 in 2021-2022, Issa added. This, he noted, should help reduce unemployment rates to 10.4 percent then 8.5 percent by the end of the plan. If everything works according to plan, investment rates should also rise from 16.9 percent of the total GDP to 18 percent in the first year and gradually up to 25.6 percent in 2021-2022, Issa further said. It also aims to increase the net foreign direct investments from 7.9 billion dollars now to 11 billion in 2018-2019 then 20 billion in 2021-2022, he added. Part of the plan has to do with reducing the trade deficit of the total GDP from 13.7 percent now to 11.6 percent in 2018-2019 then 7.7 percent in 2021-2022, Issa said.
