The World Bank Group expects Kenya to lead the Sub-Saharan region out of the economic shackles of 2020 in the New Year.
In its early predictions for 2021, the multi-lateral lender sees the Kenyan economy growing at 6.9 per cent, the highest rate in the region, from a projected 2020 contraction by one per cent.
Regionally, growth for the year is expected to only rebound moderately to 2.7 per cent before firming up to 3.3 per cent in 2022.
“While the rebound in private consumption and investment is forecast to be slower than previously envisioned, export growth is expected to accelerate in line with the rebound in economic activity among major trading partners,” the World Bank stated.
“The sluggish recovery reflects persistent outbreaks in several economies that have inhibited the resumption of economic activity, particularly in service sectors such as tourism.”
Previously, the World Bank tipped Kenya’s economic diversification away from anyone sector to build resilience in growth.
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