{"id":25394,"date":"2021-04-05T17:06:33","date_gmt":"2021-04-05T17:06:33","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/?p=25394"},"modified":"2021-04-05T17:06:33","modified_gmt":"2021-04-05T17:06:33","slug":"kenyas-economy-to-rebound-fastest-in-africa-world-bank","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/policy\/kenyas-economy-to-rebound-fastest-in-africa-world-bank","title":{"rendered":"Kenya’s Economy to Rebound Fastest in Africa – World Bank"},"content":{"rendered":"

AfricaPress-Kenya:<\/strong> The World Bank has predicted that Kenya\u2019s economy will be among one of the fastest to recover in 2021, post Covid-19 pandemic.<\/p>\n

According to its latest report on sub-Saharan Africa, the World Bank placed Kenya alongside\u00a0Cote D’ivoire and Botswana as the breakout economies in the continent.<\/p>\n

This is despite President Uhuru Kenyatta noting that the\u00a0economy lost Ksh 560 billion in 2020\u00a0owing to the impact of the pandemic and business\u00a0disruption.<\/p>\n

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\"President<\/div>\n
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The World Bank notes\u00a0that Kenya has done well in pivoting into a digital platform enabling strong recovery in 2021.<\/p>\n

Kenya is\u00a0expected to grow at a faster rate\u00a0compared to Africa\u2019s three largest economies –\u00a0Nigeria, South Africa and Angola.<\/p>\n

\u201cAmbitious reforms that support job creation strengthened equitable growth. The protection of the vulnerable and contribution to environmental sustainability will be key to bolstering those efforts going forward toward a stronger recovery across the African continent,\u201d said World Bank chief economist for Africa Albert G. Zeufack.<\/p>\n

“Non-resource-intensive countries, such as C\u00f4te d\u2019Ivoire and Kenya, and mining-dependent economies, such as Botswana and Guinea, are expected to see robust growth in 2021, “driven by a rebound in private consumption and investment as confidence strengthens and exports increase,” he added.<\/p>\n

The bank’s report\u00a0comes amid a\u00a0public uproar on Kenya\u2019s relationship\u00a0with its international partners over the appetite for loans which is not matched by accountability.<\/p>\n

Over 25,000 Kenyans have signed an online petition seeking the cancellation of a\u00a0recent Ksh 255 billion credit facility\u00a0approved by the International Monetary Fund.<\/p>\n

According to the IMF, the loan\u00a0will\u00a0help the country\u2019s Covid-19 response plan and also bail out struggling parastatals, which Kenyans have criticised for consuming billions with little to show.<\/p>\n

\u201cThe Fund-supported program will also advance the broader reform and governance agenda, including by addressing weaknesses in some state-owned enterprises (SOEs) and strengthening transparency and accountability through the anti-corruption framework,\u201d reads a statement from the international lender.<\/p>\n

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The IMF predicts that Kenya\u2019s gross domestic product will grow by 7.6% in 2021.<\/p>\n

“The Kenyan authorities have demonstrated a strong commitment to fiscal reforms during this unprecedented global shock, and Kenya\u2019s medium-term prospects remain positive,\u201d IMFDeputy Managing Director Antoinette Monsio Sayeh noted.<\/p>\n","protected":false},"excerpt":{"rendered":"

AfricaPress-Kenya: The World Bank has predicted that Kenya\u2019s economy will be among one of the fastest to recover in 2021, post Covid-19 pandemic. According to its latest report on sub-Saharan Africa, the World Bank placed Kenya alongside\u00a0Cote D’ivoire and Botswana as the breakout economies in the continent. This is despite President Uhuru Kenyatta noting that […]<\/p>\n","protected":false},"author":84,"featured_media":20191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,12],"tags":[1539,1031],"class_list":["post-25394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-policy","tag-covid-19","tag-world-bank"],"yoast_head":"\nKenya's Economy to Rebound Fastest in Africa - World Bank - kenya<\/title>\n<meta name=\"description\" content=\"The World Bank has predicted that Kenya\u2019s economy will be among one of the fastest to recover in 2021, post Covid-19 pandemic\" \/>\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\/policy\/kenyas-economy-to-rebound-fastest-in-africa-world-bank\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kenya's Economy to Rebound Fastest in Africa - 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