Egypt has revised up its economic growth forecast for FY2017/18 that began in July to 5.3-5.5% from 4.8% previously, Reuters quotes Minister of Planning Hala Al-Saeed as saying.

Gross domestic product (GDP) was expected to have grown 5.2-5.3% in the second quarter that ended December 31, 2017, the minister says, adding that the government was aiming for 6% growth in FY2018/19.

Egypt is targeting a 20% rise in total investment for FY2018/19, up from EGP 646 bn targeted for FY2017/18, Al-Saeed says.

The World Bank recently forecasted that the country’s economic growth rate will rise by 4.5% in FY2017/18 and 4.9% in FY2018/19.