Kenya’s economy to grow 4.5%-5.2% next year, World Bank says

NAIROBI: Kenya’s economy is likely to expand by 4.5%-5.2% in 2024 from an estimated 5% this year, the World Bank said on Wednesday.

The East African nation has been growing at one of the fastest annual paces on the continent in recent years but a heavy debt load and a weakening currency have emerged as risks.

“Debt related vulnerabilities persist, and rising debt costs constrain government’s ability to address development challenges,” the bank said in a statement on its latest Kenya economic update report.

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Policymakers will need to balance between the short-term macroeconomic challenges and longer-term growth considerations, said Naomi Mathenge, a senior economist at the World Bank.