The World Bank improved its previous forecast of Egypt’s gross domestic product (GDP) growth to record 5.3% in fiscal year (FY) 2017/18 and 5.7% in FY 2018/19, up from 4.9% and 5.6% respectively, according to the bank’s Global Economic Prospects report published on Wednesday.

For the Middle East and North Africa region, the report expects GDP growth to rise to 3% in 2018, and to then rise slightly in 2019/20, assuming continued policy reforms and oil prices remaining above their 2017 average.

“Global growth has eased, but remains robust, and is projected to reach 3.1% in 2018 and 3% in 2019,” the World Bank stated in the report.

Previously, the World Bank estimated global growth at 3.1% in 2017 compared to 2.4% in 2016, which was down from 2.8% in 2015.

In January, the International Monetary Fund (IMF) adjusted its projection for Egypt’s growth in FY 2017/18 to 4.8% instead of the previously projected 4.5%, to reach 6% in the medium term. Regarding inflation, the IMF projects it will decline to 12% in June 2018 and reach single digits by 2020.