Kenya Eyeing 2.5 Percent Economic Growth

KEY POINTS

  • The economy has hurt by the pandemic, with touring and small and medium-sized businesses hit the hardest.
  • The chairman of the National Assembly's budget committee Kanini Kega has warned that the economic situation would remain tough for a long time with a serious effect on the government's finances.

The country’s economy is expected to grow by less than 2.5 percent in 2020, Treasury Cabinet Secretary Ukur Yatani says, as Kenya continues to reel for the effects of the Covid-19 pandemic.

The economy has hurt by the pandemic, with touring and small and medium-sized businesses hit the hardest.

In a document posted on the Treasury’s website ahead of a formal launch of the budget-making process for the 2021/22 financial year, CS Yatani said economic growth is expected to rebound to six percent in the medium term.

Yatani added that the interest and exchange rate ability “will be safeguarded over the medium term”. Yatani further stated that inflation was expected to be contained within the 2.5 percent to 5.0 percent band.

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The chairman of the National Assembly’s budget committee Kanini Kega has warned that the economic situation would remain tough for a long time with a serious effect on the government’s finances.

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