Kenya's economy to slow in 2024: World Bank

Nairobi: Kenya s economic growth will slow to five percent this year after a robust performance in 2023, the World Bank said on Wednesday. The Ea...

Nairobi: Kenya's economic growth will slow to five percent this year after a "robust" performance in 2023, the World Bank said on Wednesday.

The East African powerhouse has been saddled by huge public debt, high inflation and the introduction of numerous new levies and tax hikes by President William Ruto's cash-strapped government.

The World Bank said in a report that while Kenya's real GDP growth had accelerated last year to 5.6 percent from 4.9 percent in 2022, it was expected to slow to five percent this year.

The recovery of the key agricultural sector -- following improved weather conditions -- drove 2023's growth, the report said, with tourism also contributing to a stronger showing.

However, it said Kenyan exports had significantly underperformed, noting "the country has not diversified its products in recent years and has lost competitiveness in the markets to which it exported".