World Bank ranks Kenya among the fastest-growing economies in Africa
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World Bank projects Kenya among the fastest-growing economies in Africa despite worrying concerns over depreciating Ksh against global currencies
World Bank projects Kenya among the fastest-growing economies in Africa despite worrying concerns over depreciating Ksh against global currencies.
The international finance organization noted in its October Africa Pulse report that despite certain difficulties, Kenya’s economy is currently well-anchored.
“In Kenya, growth remains resilient this year despite political tensions that were partly due to the higher cost of living,” read part of the report.
According to the study, Kenya’s economic activity is projected to rise to 5 percent in 2023, a slight increase from 4.8 percent in 2022.
The organization ascribed the growth to a rise in private consumption and higher agricultural productivity.
The financial institution further highlighted the use of prudent macroeconomic policies, investments in human capital and infrastructure, and a diverse economic base as contributing factors to Kenya’s economic success.
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According to the report, Kenya’s GDP increased from 3.3 percent in the last quarter of 2022 to 5.1 percent in the first quarter of 2023, indicating that the country’s GDP was still growing at the start of 2023.
The World Bank analysis projected sustained growth in Kenya’s economy in 2024 and 2025, indicating a bright prognosis for the country’s economy.
However, the report also showed that the value of the Kenyan shilling fell by a noteworthy 7%, which resulted in higher profits from important agricultural exports like tea, flowers, vegetables, and fruits.
Improvements were seen in the manufacturing and private sectors in addition to the agriculture sector.
In terms of inflation, the World Bank revealed that Kenya was deliberately modifying its monetary policies to reduce inflation without causing excessive suffering or job losses, highlighting the significance of a well-rounded strategy.
Additionally, several other African countries are on a positive economic trajectory, including Côte d’Ivoire, Senegal, Niger, and Rwanda.
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