Kenya targets 7.2% economic growth in 2027, Treasury
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Treasury says in the government's medium-term development plan that Kenya target 7.2% economic growth in 2027
Treasury says in the government’s medium-term development plan that Kenya target 7.2% economic growth in 2027.
Ruto administration will target a 7.2% economic growth rate in 2027, a faster rate than last year’s growth of 4.8%.
This was revealed during the launch of the FY 2024/25 and the medium-term budget preparation process presided over by the National Treasury &Economic Planning Cabinet Secretary, Prof. Njuguna Ndung’u at the Kenya School of Monetary Studies on Friday.
The CS was accompanied by PS Dr. Chris Kiptoo and PS James Muhati.
During the launch, the Treasury also unveiled the: “ Treasury Circular No.8/2023 GUIDELINES FOR THE PREPARATION OF THE FINANCIAL YEAR 2024/25 AND THE MEDIUM – TERM BUDGET.
The growth will be driven by higher productivity in the agriculture sector and small businesses, James Muhati, the principal secretary for planning in the Ministry of Finance, told an event to launch the government’s medium-term development plan.
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Kenya trying to boost growth to create jobs for millions of young people, while also navigating key challenges, such as rising debt repayments.
The government seeks to reduce annual budget deficits in order to reduce debt repayments and create space for much-needed investments.
It cut the deficit to 4.4% of gross domestic product this fiscal year to June 30, 2024, and it plans to cut it further to 3.6% in the 2024/25 financial year, the ministry said.
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