Dr. Othman Mohamed Othman, the State Minister of Economic Development said in a press conference he held yesterday to review the economic performance indices that the high economic growth rate up to 7.2 per cent during this year, for the second consecutive year, has contributed to improving the living conditions of more than 80 per cent of the Egyptian families.

Such improvement took place due to the socio-economic policies adopted by the government for the sake of minimizing the poverty proportions, said Dr. Othman Mohamed Othman.

The aggregate financial amount of salaries and subsidies amounted to L.E. 154 billion, recordering a 40 per cent increase more than that of the previous year, said the Minister.

The unemployment ratio regressed by 8.4 per cent, concurrent with an accelerated flexibility of the labor market which absorbed approximately 700,000 new job-seekers, affirmed the Minister.

Othman stressed that the big push that has been accomplished for the Egyptian economy has enabled it to maintain a high growth rate despite the pressures that encountered the economy during the year 2006/2007.

The State Minister for Economic Development further affirmed during the press conference that the year 2008-2009 will be a decisive year in the course of the Egyptian economy.

Egypt has potentials worthy of enabling it to maintain high growth rates, said the Minister.

The investments lured for the reclaimed lands, the reconsideration of the crop structure, and diversified sources of distribution will also help us maintain the 7 per cent growth rate, added the Minister.