NAIROBI, Sept. 13 (Xinhua) — Kenya’s economy is forecast to grow by 5.7 percent in 2024, up from 5.6 percent in 2023, according to a report released on Thursday by a government-owned think tank.
The Kenya Economic Report 2024, launched by the Kenya Institute for Public Policy Research and Analysis (KIPPRA), attributes this economic expansion to strong performance in the agricultural sector, bolstered by favorable weather conditions.
“The robust growth will also be supported by expansion in private and public investments, a growth-friendly policy environment, and enhanced revenue mobilization,” the report says.
Themed “Enhancing Productivity for Sustained Inclusive Growth,” the annual report reviews Kenya’s economic performance and provides medium-term forecasts. It highlights the potential for sustained growth through strategic economic collaborations with international partners, including China’s support for Kenya’s landmark projects under the Belt and Road Initiative.
Rose Ngugi, executive director of KIPPRA, said that strengthening agricultural resilience through investments in irrigation, drought-resistant crops, fast-maturing crop varieties, and climate-smart practices could further boost growth.
Benson Akong’o Ateng’, chairperson of KIPPRA, said that faster normalization of global financial conditions could ease domestic inflationary pressures and enhance economic performance.
