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The World Bank has cut Kenya’s economic growth estimate for 2024 to 4.7%, from an initial 5%. The lowered estimate was attributed to strained fiscal conditions — including tax revenue shortfalls and high debt servicing costs — as well as the impact of flooding and anti-government protests earlier this year.
Progress on addressing the fiscal challenges could yet drive growth up to 5.1% in the medium term, the bank said in its Kenya Economic Update Report published on Tuesday. It noted that at 4.7%, the growth estimate would still be higher than the sub-Saharan African average of 3% for 2024.
The report credited Kenya with lowering inflation, increasing forex reserves held by the central bank, and maintaining a stable foreign exchange rate.
— Martin K.N Siele in Nairobi
