Why these top growth shares are on my shopping list

Yesterday the latest Westpac Banking Corp (ASX: WBC) weekly economic report was released and once again the banking giant’s economics team has held firm with their cash rate forecast.

According to the report, Westpac expects the Reserve Bank to hold the cash rate at the record low of 1.5% until at least December 2020.

In light of this, I would much rather put my money to work in the share market than have it sitting in a bank account earnings just paltry interest.

With that in mind, here are two growth shares that I would consider buying this week:

Appen Ltd (ASX: APX)

Appen is a global leader in the development of high-quality, human annotated datasets for machine learning and artificial intelligence. Earlier this month the company revealed that it has been experiencing stronger than expected demand for its services in recent months. As a result, it upgraded its guidance for underlying EBITDA for the 12 months ending December 31 to be in the range of $62 million to $65 million. This will be a 120% to 131% increase on FY 2017’s result. While I expect this level of growth to moderate over the coming years, I believe the strong growth that is expected in machine learning and artificial intelligence markets will allow it to still grow earnings at a strong rate for the foreseeable future.

Aristocrat Leisure Limited (ASX: ALL)

One of my favourite growth shares on the Australian share market would have to be Aristocrat Leisure. As well as benefiting from winning a greater share of the pokie machine market, the company looks set to be a big winner from the growing digital and social gaming market. Its Digital segment has been generating significant recurring revenues and looks set to be a key driver of growth over the next few years. This could make it a bit of a bargain at just 23x estimated FY 2018 earnings. However, with its results due to be released on Thursday, investors may want to play it safe and wait for those before making an investment.

In the meantime, here are three more buy-rated growth shares to consider picking up this week.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of Appen Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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