NAIROBI (Reuters) – Kenya’s economy is expected to expand 5% this year, a faster pace than previously forecast, and to grow around the same rate next year on the back of a rebound in some sectors, the World Bank said in a report on Tuesday.
GDP growth in the east African economy typically relies on robust activity in sectors like farming and services like tourism, banking and information and communication technology.
“The Kenyan economy has shown resilience to the COVID-19 shock, with output in 2021 rising above pre-pandemic levels,” the World Bank said in its biannual report, adding real GDP growth this year would be 5%, higher than a June projection of 4.5%.
“The recovery has been supported by a revival in private consumption, against a backdrop of improving employment conditions and household incomes,” the report said.
The bank forecast growth between next year and 2023 would be 4.9%, a small slowdown the bank attributed to a slower recovery in some sectors like international tourism and trade.
(Writing by Elias Biryabarema; Editing by Bernadette Baum)
