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EU Unemployment Reaches Historic Lows, Long-Term and Youth Rates Show Significant Improvement

by THEFUTURE.TEAM

November 11, 2024

According to the latest data from Eurostat, unemployment across the European Union has fallen to its lowest levels in recent history. The statistics reveal a decline in the number of people out of work, with only a little over 6% of the working-age population currently unemployed.

Key Statistics

Overall Unemployment: In 2023, the EU’s unemployment rate for those aged 15-74 stands at 6.1%, the lowest since 2014.
Long-Term Unemployment: The rate of long-term unemployment, measuring those out of work for over a year, has also hit a new low, at 2.1% of the labour force in 2023.
Highest Long-Term Unemployment: Greece reports the highest long-term unemployment rate within the EU at 6.2%, followed by Spain at 4.3% and Italy at 4.2%.
Lowest Long-Term Unemployment: Denmark and the Netherlands report the lowest rates, both at 0.5%.

Youth Unemployment at Record Low

Youth unemployment, defined as those aged 15-29, has also dropped to a record low of 6.3% in 2023, marking a continuing downward trend. However, disparities between countries are noticeable:

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Highest Youth Unemployment: Sweden has the highest youth unemployment rate in the EU at 10.9%, closely followed by Spain (10.8%) and Greece (9.8%).
Lowest Youth Unemployment: The Czech Republic leads with the lowest rate at 2.4%, with Bulgaria (3.2%) and Germany (3.3%) close behind.

This data highlights significant strides in labour market recovery and stability across the EU, although variances remain between member states. Countries like Greece and Spain continue to experience challenges, particularly in reducing long-term and youth unemployment rates. However, the overall trend points to a stronger labour market, with more EU citizens gaining employment and fewer experiencing prolonged joblessness.

Egypt’s Suez Canal Economic Zone Draws $8.1B In Investments Through 255 Projects

by THEFUTURE.TEAM

February 4, 2025

Egypt’s Suez Canal Economic Zone (SCZone) has secured an impressive $8.1 billion in investments across 255 projects in the last 30 months, according to an official announcement on Monday.

Major Investment Boost For SCZone

The General Authority for the SCZone has successfully attracted 251 projects in its industrial zones and ports, accumulating $6.2 billion in capital investments, which has resulted in around 28,000 new jobs, as stated by SCZone Chairman Walid Gamal El-Din.

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Additionally, four new projects have brought in $1.8 billion in investments, boosting the total capital inflows within the zone. These developments were discussed in a meeting with Mohamed Zaki El Sewedy, Chairman of the Federation of Egyptian Industries (FEI), and other officials from various chambers of commerce.

Strengthening Industrial Ties And Opportunities

The meeting focused on expanding investment prospects, fostering collaboration, and addressing challenges faced by industrial firms with strong export potential. A key objective was to encourage businesses to scale up their operations within the SCZone, leveraging its prime location, advanced infrastructure, and investor-friendly policies.

El-Din stressed the importance of the SCZone in driving Egypt’s economic growth and industrial transformation, citing the Ain Sokhna Integrated Industrial Zone as a flagship example of development. This zone is a testament to Egypt’s growing presence as a competitive global manufacturing hub.

The continued partnership between the SCZone and the private sector, El-Din noted, plays a pivotal role in building a strong ‘Made in Egypt’ brand, supporting local industrial development, and boosting innovation to improve Egypt’s position in global markets.

Acknowledging Achievements And Future Collaboration

El Sewedy praised the SCZone for its efforts in creating a robust investment climate, offering comprehensive services, incentives, and cutting-edge infrastructure. This meeting marked the beginning of a deeper collaboration between the SCZone and FEI, setting the stage for future joint initiatives.

Egypt’s Economic Outlook

Egypt’s economy is projected to grow by 4% in the year leading up to June, bolstered by supportive measures from the IMF, according to a Reuters poll conducted in January 2025. The poll also forecasts a GDP growth acceleration to 4.7% in 2025-26 and 5% in 2026-27.

However, the country’s GDP growth slowed to 2.4% in 2023-24, down from 3.8% in the previous year, primarily due to the ongoing currency crisis and the geopolitical impact of the war in neighboring Gaza, according to the Central Bank of Egypt.