Kenya is expected to experience a 5.0 per cent economic growth rate for the remainder of the year according to the Global Economic Growth Prospects report released by the World Bank on Tuesday, June 11, 2024.
The report revealed that Rwanda leads countries in the East Africa Community (EAC) in Economic Growth Rate at 7.6 per cent for the remained of the year.
Uganda and the Democratic Republic of Congo (DRC) are tied for second with a growth rate of 6.0 per cent and Tanzania closes off the top three at 5.4 per cent. Kenya places fourth among its EAC peers.
Burundi and Somalia are expected to post economic growth rates of about 3.8 and 3.7 per cent respectively with South Sudan trailing them with 2.0.
The World Bank further explained that non-resource-rich Sub-Saharan countries are expected to maintain their growth trajectory in 2024.
“Non-resource-rich economies are forecast to maintain growth above their historical average rate, while resource-rich economies recover from their slow growth in 2023 that mainly reflected declining metal prices. Per capita GDP in SSA is expected to grow, on average, by a meagre 1 per cent this year and average 1.4 per cent in 2025-26,” the World Bank explained.
The global lending entity attributed the stunted EAC economic growth to climatic changes including the devastating floods recently experienced in the region.
“The current El Niño weather pattern could bring further devastation and increase the incidence of vector-borne and waterborne diseases owing to increased rainfall and flooding in parts of Africa, especially East Africa (Burundi, Rwanda, Somalia, Uganda), read the report in part.
