According to World Bank’s latest report dubbed Africa Plus Report, Kenya’s economy is going to improve by five percent this year as a result of improved construction and ICT sectors and the continued roll out of COVID-19 vaccines.
The report indicates that the county’s economy is set to improve faster than Sub-Saharan Africa’s growth average of 3.5% this year.
This means that Kenya’s economy is set to rebound from 0.3 percent improvement in 2020 to 5.0 percent in 2021, and it is expected to grow at an average of 4.8 percent in 2022.
This positivity is attributed to the improvement s in the construction, education, information and communication and real estate sectors.
World Bank also said Kenya’s improvement in the economy would have been faster this year were it not for the third wave of COVID-19 fueled by the Delta variant.
The restrictions imposed hurt the external economy in Kenya which led to a decrease in the export of coffee, tea and roses which exerted pressure on the current account which led to a deficit.
This projection by the World Bank is different from that of the Treasury that had said Kenya’s economy would improve by 6 percent in the medium term caused by a turnaround in trade, increased agricultural output and the general improvement in world’s economy.
Leave a Comment