{"id":573996,"date":"2020-08-26T04:19:59","date_gmt":"2020-08-26T04:19:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/26\/did-state-megaprojects-cushion-the-unemployment-blow-from-by-covid-19\/"},"modified":"2020-08-26T04:19:59","modified_gmt":"2020-08-26T04:19:59","slug":"did-state-megaprojects-cushion-the-unemployment-blow-from-by-covid-19","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/26\/did-state-megaprojects-cushion-the-unemployment-blow-from-by-covid-19\/","title":{"rendered":"Did state megaprojects cushion the unemployment blow from by covid-19?"},"content":{"rendered":"

<\/a> Did state megaprojects cushion the unemployment blow by covid-19?<\/strong> While unemployment has accelerated since the onset of the covid-19 pandemic, reaching a two year high<\/a> of 9.6% in 2Q2020 up from 7.7% in 1Q2020, national megaprojects may have \u201ccushioned the negative impact of the covid-19 pandemic on Egypt\u2019s economy, especially growth and employment,\u201d argues economics professor at the Sadat Academy for Management Sciences Abdel Mottaleb Abdel Hamid, according to Al Monitor<\/a>.<\/p>\n

The building and construction sectors were the most resilient in the face of The Great Lockdown:<\/strong> Where retail and wholesale were decimated \u2014 shedding 624k jobs \u2014 building and construction remained the sector least impacted by the broader economic downturn, only losing 288k jobs since the start of the outbreak, according to Capmas figures<\/a>. Large infrastructure projects including the new administrative capital, New Alamein and New Galala \u2014 which are highly labor intensive \u2014 avoided some of the disruptions experienced by other sectors in the economy and continued work on schedule, Abdel Hamid says.<\/p>\n

Infrastructure-driven growth?<\/strong> Some observers have attributed our 3.8% GDP growth<\/a> in FY2019-2020 \u2014 which comes as private-sector investment slowed between the months of April and July \u2014 to have been in large part supported by the government\u2019s megaprojects, which were \u201ca pillar of growth during the partial lockdown,\u201d said Abdel Hamid. \u201cWithout the megaprojects, the impact would have been more rigorous,\u201d said Mostafa El-Fiky, financial planner at Saipem.<\/p>\n

\"enterprise\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Did state megaprojects cushion the unemployment blow by covid-19? While unemployment has accelerated since the onset of the covid-19 pandemic, reaching a two year high of 9.6% in 2Q2020 up from 7.7% in 1Q2020, national megaprojects may have \u201ccushioned the negative impact of the covid-19 pandemic on Egypt\u2019s economy, especially growth and employment,\u201d argues economics […]<\/p>\n","protected":false},"author":1,"featured_media":573997,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[130,928,72,875,2293,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-construction","tag-employment","tag-enterpriseam","tag-new-administrative-capital","tag-new-alamein","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"e08c1820-6d36-4157-9988-c820f99c21fb","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/8\/204.jpg","photo_position":"above","related_issue":[573991],"teaser":"","voice_url":""},"yoast_head":"\nDid state megaprojects cushion the unemployment blow from by covid-19? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/26\/did-state-megaprojects-cushion-the-unemployment-blow-from-by-covid-19\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Did state megaprojects cushion the unemployment blow from by covid-19?\" \/>\n<meta property=\"og:description\" content=\"Did state megaprojects cushion the unemployment blow by covid-19? While unemployment has accelerated since the onset of the covid-19 pandemic, reaching a two year high of 9.6% in 2Q2020 up from 7.7% in 1Q2020, national megaprojects may have \u201ccushioned the negative impact of the covid-19 pandemic on Egypt\u2019s economy, especially growth and employment,\u201d argues economics […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/26\/did-state-megaprojects-cushion-the-unemployment-blow-from-by-covid-19\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-26T04:19:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/204.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/26\/did-state-megaprojects-cushion-the-unemployment-blow-from-by-covid-19\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/26\/did-state-megaprojects-cushion-the-unemployment-blow-from-by-covid-19\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Did state megaprojects cushion the unemployment blow from by covid-19?\",\"datePublished\":\"2020-08-26T04:19:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/26\/did-state-megaprojects-cushion-the-unemployment-blow-from-by-covid-19\/\"},\"wordCount\":237,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/26\/did-state-megaprojects-cushion-the-unemployment-blow-from-by-covid-19\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/204.jpg?fit=%2C&ssl=1\",\"keywords\":[\"construction\",\"employment\",\"EnterpriseAM\",\"new administrative capital\",\"New Alamein\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/26\/did-state-megaprojects-cushion-the-unemployment-blow-from-by-covid-19\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/26\/did-state-megaprojects-cushion-the-unemployment-blow-from-by-covid-19\/\",\"name\":\"Did state megaprojects cushion the unemployment blow from by covid-19? 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Covid-19 pushed up unemployment and forced many family businesses to close at least temporarily, but Egypt\u2019s economy is still on track to grow at a 2%\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/26.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576210,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/16\/unemployment-rate-falls-back-to-pre-pandemic-levels-in-3q2020\/","url_meta":{"origin":573996,"position":1},"title":"Unemployment rate falls back to pre-pandemic levels in 3Q2020","author":"enterpriseam admin","date":"16 November 2020","format":false,"excerpt":"Egypt\u2019s unemployment rate returned to pre-pandemic levels in 3Q2020, falling to 7.3% after the government eased lockdown restrictions in late June, according to figures from the state statistics agency Capmas. Unemployment stood at 7.8% in the same quarter of last year and hit a near two-year high of 9.6% in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/161.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564611,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/16\/drop-in-unemployment-driven-by-job-creation-not-reduced-labor-force-efg-hermes\/","url_meta":{"origin":573996,"position":2},"title":"Drop in unemployment driven by job creation, not reduced labor force \u2013EFG Hermes","author":"enterpriseam admin","date":"16 February 2021","format":false,"excerpt":"MORE CONTEXT on this morning\u2019s unemployment figures: EFG Hermes\u2019 Mohamed Abu Basha took a deeper dive in a client note today, writing that \u201cwhile the headline number is somewhat underwhelming, it carried an important development: the number of employed people has risen to exceed pre-COVID-19 levels. \u2026 The number of\u2026","rel":"","context":"In "SPEED ROUND: MACRO WATCH"","block_context":{"text":"SPEED ROUND: MACRO WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-macro-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573790,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/18\/egypts-unemployment-rate-rose-to-a-near-two-year-high-in-2q2020\/","url_meta":{"origin":573996,"position":3},"title":"Egypt\u2019s unemployment rate rose to a near two-year high in 2Q2020","author":"enterpriseam admin","date":"18 August 2020","format":false,"excerpt":"Egypt\u2019s unemployment rate rose to a near two-year high in 2Q2020, hitting 9.6% as the covid-19 pandemic forced businesses to shutter and put a damper on economic activity, according to official figures (pdf) released by Capmas yesterday. The jobless count stood at 7.5% in the same quarter of last year\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/8\/141.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571556,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/unemployment-rises-to-9-2-in-april-as-coronavirus-lockdown-bites\/","url_meta":{"origin":573996,"position":4},"title":"Unemployment rises to 9.2% in April as coronavirus lockdown bites","author":"enterpriseam admin","date":"17 May 2020","format":false,"excerpt":"Unemployment rises to 9.2% in April as coronavirus lockdown bites: Egypt\u2019s unemployment rate rose to 9.2% in April from 7.5% in the second quarter of 2019 as the government\u2019s precautionary measures to limit the spread of the novel coronavirus hit the economy, Reuters reports, citing Capmas figures. Data released by\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":632529,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/13\/el-sisi-using-megaprojects-to-inspire-sense-of-national-achievement\/","url_meta":{"origin":573996,"position":5},"title":"El Sisi using megaprojects to inspire sense of \u201cnational achievement\u201d","author":"enterpriseam admin","date":"13 February 2018","format":false,"excerpt":"President Abdel Fattah El Sisi is using vast infrastructure megaprojects \u201cto inspire a sense of national achievement and economic might\u201d ahead of the upcoming presidential elections, Jared Malsin writes for The Wall Street Journal. \u201cThis is not investment [capital]. This is political [capital] \u2026 The long-term consequences of this are\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=573996"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573996\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/573991"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/573997"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=573996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=573996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=573996"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=573996"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=573996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}