Cairo – Mubasher: The World Bank expects Egypt’s economy to grow by 5.8% in fiscal year 2019/2020, lower than the official target of 5.9%, Reuters reported on Thursday.

In addition, the bank raised its growth estimate for the North African nation’s gross domestic product (GDP) in FY18/19 to 5.6% from 5.5%, in line with official data.  

For FY20/21, the international financial institution forecasts economic growth of the most populous Arab nation to increase to 6%.

Previously, the Egyptian prime minister Mostafa Madbouly said that the government aims to gradually increase economic growth to 8% by 2022.