https://en.sputniknews.africa/20240322/kenyan-treasury-upgrades-countrys-economic-growth-forecast-for-2024-1065677038.html
Kenyan Treasury Upgrades Country's Economic Growth Forecast for 2024
Kenyan Treasury Upgrades Country's Economic Growth Forecast for 2024
Sputnik Africa
Kenya's economy grew by 5% in 2023 compared to 4.8% in 2022, according to the National Treasury. The International Monetary Fund predicts that the economy of... 22.03.2024, Sputnik Africa
2024-03-22T10:31+0100
2024-03-22T10:31+0100
2024-03-22T10:43+0100
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Kenya's economy is projected to grow at 6.3% this year, up from 6.1% in 2023, Kenya's National Treasury & Economic Planning said, raising its previous forecasts.In February, the ministry said that it expected the economy to grow by 5.5% this year, up from 4.8% in 2022.Kenya's President William Ruto said the country's Medium Term Plan IV 2023-2027 focuses on economic growth, especially at the grassroots.He said that in the next four years, the government will focus on increasing production through value chains, particularly in leather and leather products, textiles and garments, dairy products, tea, rice, edible oils, blue economy, minerals, forestry, construction, among others.In addition, the president noted that emphasis will be placed on promoting agro-processing, strengthening extension services, and providing quality and affordable agricultural inputs.To create jobs, the government is investing in special economic zones, district associations, and industrial parks, diversifying export markets and market access for goods and services of micro, small and medium enterprises, the leader added.
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Kenyan Treasury Upgrades Country's Economic Growth Forecast for 2024
10:31 22.03.2024 (Updated: 10:43 22.03.2024) Kenya's economy grew by 5% in 2023 compared to 4.8% in 2022, according to the National Treasury. The International Monetary Fund predicts that the economy of the East African nation will grow by 5.5% in 2024.
Kenya's economy is projected to grow at 6.3% this year, up from 6.1% in 2023, Kenya's National Treasury & Economic Planning said, raising its previous forecasts.
In February, the ministry said that it expected the economy to grow by 5.5% this year, up from 4.8% in 2022.
The Treasury projections were released in the capital, Nairobi, during the presentation of the Kenyan government's economic plan to the end of 2027.
Kenya's President William Ruto said the country's Medium Term Plan IV 2023-2027 focuses on economic growth, especially at the grassroots.
"Through this plan, we will spearhead radical economic turnaround, fostering inclusive growth and enhancing the livelihoods and welfare of citizens, particularly those at the bottom of the economic pyramid," the leader pointed out.
He said that in the next four years, the government will focus on increasing production through value chains, particularly in leather and leather products,
textiles and garments, dairy products, tea, rice, edible oils, blue economy, minerals, forestry, construction, among others.
In addition, the president noted that emphasis will be placed on promoting agro-processing, strengthening extension services, and providing quality and affordable agricultural inputs.
"We will also focus on cooperative development and management, market access and logistics support, expansion of irrigation infrastructure, adoption of climate-smart agriculture, enhanced agricultural financing, and agricultural mechanization research and development," Ruto remarked.
To create jobs, the government
is investing in special economic zones, district associations, and industrial parks, diversifying export markets and market access for goods and services of micro, small and medium enterprises, the leader added.
