{"id":113896,"date":"2024-02-29T17:45:36","date_gmt":"2024-02-29T17:45:36","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyas-gdp-to-grow-at-just-above-5-allianz"},"modified":"2024-02-29T18:45:29","modified_gmt":"2024-02-29T18:45:29","slug":"kenyas-gdp-to-grow-at-just-above-5-allianz","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyas-gdp-to-grow-at-just-above-5-allianz","title":{"rendered":"Kenya’s GDP to grow at just above 5% – Allianz"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Global financial services firm Allianz Trade has projected Kenya\u2019s GDP growth at a pace of slightly above five per cent this year.<\/p>\n

This on the back of the strong growth witnessed last year driven by agriculture, tourism and services as a whole.<\/p>\n

“Tourist arrivals for instance, increased by 31 per cent,” the firm says in its inaugural country risk atlas, a flagship publication focused on country risk data on insolvencies and the business environment.<\/p>\n

Based on the projection, the barometer describes Kenya as a standout performer in Sub-Saharan Africa, boasting an impressive average GDP growth rate of over five per cent in the past decade.<\/p>\n

“This is due to a stable macroeconomic environment, sustained investor confidence and a thriving services sector, particularly in telecommunications and financial services.”<\/p>\n

It however says the projection will be characterised by some risks.<\/p>\n

They include the persistent inflation, standing at 6.8 per cent in January that keeps widening the gaps among the population, and the public debt sustainability.<\/p>\n

The barometer also raises concern over regional uncertainties such as limited infrastructure, limited purchasing power and supply dependencies, which could further affect the growth prospects.<\/p>\n

“This cycle is expected to continue into 2024, although inflation is predicted to gradually moderate,” it adds in part.<\/p>\n

Nevertheless, Allianz says the country’s political risk is elevated as social inequality, corruption and security risks including cross-border spill overs from conflicts in Sudan, Ethiopia and Somalia contribute to the tensions.<\/p>\n

It highlights further risks that could be responsible for GDP growth downgrades in different countries in Africa during the year ahead.<\/p>\n

Among them are liquidity constraints in an environment of high public and private debt and high interest rates, and below-potential growth in most regions, and lower pricing power for corporates, which it says will drive revenue growth downwards.<\/p>\n

“Rising business insolvencies, changes in global supply chains and increasingly polarised geopolitics in a packed election year, with economies accounting for 60 per cent of global GDP heading to polls could also prompt growth downgrades.”<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Global financial services firm Allianz Trade has projected Kenya\u2019s GDP growth at a pace of slightly above five per cent this year. This on the back of the strong growth witnessed last year driven by agriculture, tourism and services as a whole. “Tourist arrivals for instance, increased by 31 per cent,” the […]<\/p>\n","protected":false},"author":84,"featured_media":113895,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-113896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nKenya's GDP to grow at just above 5% - Allianz - kenya<\/title>\n<meta name=\"description\" content=\"Global financial services firm Allianz Trade has projected Kenya\u2019s GDP growth at a pace of slightly above five per cent ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyas-gdp-to-grow-at-just-above-5-allianz\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kenya's GDP to grow at just above 5% - 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