Nairobi – Kenya’s economy will grow by 5.9 percent this fiscal year before accelerating to 6.3 percent in 2014/15, helped by an improved tax collection and credit growth, the International Monetary Fund said on Thursday.
“Buoyant tax collections and accelerating credit growth to the private sector, particularly in the service and construction sectors, point to strong domestic activity with growth likely to get close to 6 percent in 2013/14,” the IMF said in a statement.
The Washington-based body also said the Central Bank of Kenya should not cut its key lending rate from its current 8.5 percent until inflation falls closer to the lower bound of its 2.5-7.5 percent target range. – Reuters
Kenya’s economy to grow by 5.7 pct in 2024: report
NAIROBI, Sept. 13 (Xinhua) — Kenya’s economy is forecast to grow by 5.7 percent in 2024, up from 5.6 percent in 2023, according to a report released on Thursday by a government-owned think tank.
The Kenya Economic Report 2024, launched by the Kenya Institute for Public Policy Research and Analysis (KIPPRA), attributes this economic expansion to strong performance in the agricultural sector, bolstered by favorable weather conditions.
“The robust growth will also be supported by expansion in private and public investments, a growth-friendly policy environment, and enhanced revenue mobilization,” the report says.
Themed “Enhancing Productivity for Sustained Inclusive Growth,” the annual report reviews Kenya’s economic performance and provides medium-term forecasts. It highlights the potential for sustained growth through strategic economic collaborations with international partners, including China’s support for Kenya’s landmark projects under the Belt and Road Initiative.
Rose Ngugi, executive director of KIPPRA, said that strengthening agricultural resilience through investments in irrigation, drought-resistant crops, fast-maturing crop varieties, and climate-smart practices could further boost growth.
Benson Akong’o Ateng’, chairperson of KIPPRA, said that faster normalization of global financial conditions could ease domestic inflationary pressures and enhance economic performance.
Source- https://www.capitalfm.co.ke/
