The World Bank (WB) expected Egypt’s growth rate to hit 5.6% during FY 2018/19, backed by private consumption, a recovery in the tourism sector, and the operationalization of recently discovered gas fields, Invest-Gate reports.

“Public investment is also expected to grow, and a recovery of private investment is envisaged if the business environment reforms are effectively implemented,” WB stated in its latest report on the outlook for the Egyptian economy on October 3.

Public investment is also expected to grow, along with a recovery of private investment is envisaged, if the business environment reforms are effectively implemented.

The bank’s predictions came after Egypt’s real growth domestic product (GDP) hiked to 5.3% in the FY 2017/18, compared to 4.2% in the previous year. “The pickup is driven by public and private investments and private consumption,” WB noted.

According to the report, Egypt’s fastest growing sectors include the gas, telecom, and construction sectors.

“Nevertheless, the Purchasing Managers’ Index (PMI), a monthly survey of private business conditions, indicates that non-oil private sector activity has recently started to expand as of July and August 2018, after several months of contraction,” the bank added.

Additionally, the report indicates that exports of goods and services have contributed positively to the Egyptian economic activity, as oil and non-oil product exports, the Suez Canal, and the tourism sector continue to rebound.