World Bank dims Kenya’s growth to 5.5pc in 2017
The World Bank has revised its economic growth projections for Kenya to 5.5 percent in 2017, down from an initial target of 6 percent.
The revision is based on the ongoing drought and slowdown in private sector credit that is seen stalling growth during the year.
The World Bank’s Kenya Economic Update indicates that rising crude oil prices are also likely to dampen growth prospects.
Kenya is a net importer of oil.
“Given the headwinds from the ongoing drought, weak credit growth and pick up in oil prices, GDP growth is expected to decelerate to 5.5 percent in 2017,” the World Bank said.
The Breton woods institution however said growth was expected to pick up in 2018 with a projection of 5.8 percent GDP growth.
“GDP growth is expected to accelerate to 5.8 percent and 6.1 percent in 2018 and 2019 respectively,” the World Bank said in its update.
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