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Kenya is set to surpass Ethiopia as East Africa’s biggest economy this year, according to the International Monetary Fund.
The IMF estimates Kenya’s GDP will reach $132 billion, overtaking Ethiopia’s projected $117 billion, after the Ethiopian currency was devalued last year.
The move — which saw the birr depreciate more than 55% against the dollar — allowed Addis Ababa to unlock billions of dollars in loans from the IMF and World Bank as well as restructure its external debt. Kenya, meanwhile, saw its shilling appreciate by 21% in 2024, becoming the world’s best-performing currency.
