The Kenyan economy is expected to expand at the fastest rate compared to its African peers this year, even as households struggle to make ends meet. In its latest World Economic Update, the International Monetary Fund (IMF) says the country's economy is set to hit 7.6 per cent up from a negative growth last year.
The fund expects Kenya’s economic growth to rebound from a contraction of 0.1 per cent last year, aided by schools re-opening and the removal of Covid restrictions in July last year.
The new restriction measures imposed by President Uhuru Kenyatta in March will, however, have a negative effect on the economy in the financial year starting July 1, with the growth forecast expected to drop 5.7 per cent. According to the Sub Saharan Africa projections, Kenya's growth will be the fastest followed by Burkina Faso which is expected to rebound to 7.5 per cent from negative growth of 8.3 per cent last year. Niger and Mozambique will also have faster growth of 6.9 and 6.6 per cent respectively. Uganda, Rwanda and Tanzania are expected to grow at 6.3, 5.7 and 2.7 per cent respectively this year.