Egypt aims for 8pc annual growth

Egypt aims to achieve an average annual growth rate of eight per cent in the next five years through a programme of economic reforms, President Hosni Mubarak has said.

“In the coming period we have to complete implementation of the agenda of reforms,” he said in a speech before Egypt’s two chambers of parliament.

“Our main priority remains to contain unemployment and create jobs,” he said, stressing that the target was annual average growth of 8pc for the next five years, up from around 6pc in the current fiscal year.

“We are working for a fresh start for our economy ... as reflected in concrete terms in the living standards of our citizens,” said Mubarak.

“Our policy of economic reforms has added new vigour to our economy. We have been able to overcome two consecutive world crises with our own resources and without our economy being rattled,” he said.

Egypt has won praise from institutions such as the World Bank for its steps towards liberalising the economy.

But a gulf remains between the rich and the poor, with about 40pc of Egypt’s population of more than 80 million people still living under the poverty line of $2 a day per person.

Mubarak’s ruling National Democratic Party scooped 420 of 508 seats in parliament in polling on November 28 and December 5 after Egypt’s two main opposition groups dropped out of the election in protest at alleged fraud.