0

Glimmer of hope for Kenya's economic growth

Aba49ab2 3f50 4e9e 818a Aeac29ab7e59 IMF has forecast that economies across the African continent will shrink (AFP)

Wed, 16 Sep 2020 Source: bbc.com

A leading ratings agency says the Kenyan economy will grow by one percent in 2020, revising down an earlier forecast.

Moody's had predicted six percent growth in East Africa's largest economy before the arrival of coronavirus.

The tourism sector has been hit particularly hard by the pandemic, and may not fully recover for another three years.

However Moody's say there will be a strong bounce back in 2021, with growth returning to about five percent.

It warned, however, of a growing fiscal deficit because of falling tax revenues and foresaw a tightening of government spending.

The IMF has forecast that economies across the African continent will shrink by one-point-five percent in 2020.

Source: bbc.com

Send your news stories to and via WhatsApp on +233 55 2699 625.

Join our Newsletter