World Bank sees marginal increase in Kenya’s growth rate
SEE ALSO :Why Magufuli prefers Chinese aidAt the same time, it says, trade tensions have intensified and some large emerging market and developing economies have experienced “significant financial market stress”.In addition, debt vulnerabilities in emerging market and developing economies, particularly low-income countries, have increased. “More frequent severe weather events would raise the possibility of large swings in international food prices, which could deepen poverty,” adds World Bank. However, according to the National Treasury, Kenya’s economy is expected to grow by 6.1 per cent in 2019, 6.2 per cent in 2020, 6.4 per cent in 2021 and seven per cent by 2023. “This growth will be supported by a pickup in agricultural and manufacturing activities underpinned by improved weather conditions, strong service sector, stable macroeconomic environment, ongoing public infrastructural investments and sustained business and consumer confidence,” explains Treasury in its draft Budget Policy Statement. The World Bank report recommends that developing economies come up with policies that cushion them such as boosting human capital, promoting trade integration and addressing the challenges associated with informality.
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