Egypt’s growth has been forecasted to increase to 4.5% during fiscal year (FY) 2017/2018, compared to 4.2% in FY 2016/2017, due to the ongoing economic reforms and the developed business climate, which paves the way to more industrial activity and exports, the World Bank (WB)’s The Global Economic Prospects 2018: Middle East & North Africa report stated, according to Daily News Egypt.

Moreover, the report suggests Egypt’s gross domestic product (GDP) will increase 4.9% by 2018, Amwal Al Ghad reports.

The Egyptian government is targeting to boost growth rates to more than 6% over the medium term, Finance Minister, Amr El-Garhy, previously stated. He added that the growth will be achieved due to some elements, including the natural gas production increase, as the new discoveries will start production boosting natural gas output to 55 billion cubic meters (bcm) in 2018, from 42 bcm in 2017.

Egypt’s growth is seen to reach 5.9% by 2019, the report said, adding that “Egypt experienced strong industrial production, investment, and exports, supported by the effects of the devaluation on competitiveness. The move to a floating exchange rate has improved competitiveness and provided a needed boost to industrial activity and exports, which are expected to be further strengthened as the business climate improves.”