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African Development Bank(AfDB) banks on Kenyan economy to grow at 6% in 2020

An aerial view of Nairobi City
  • The African Development Bank(AfDB) Group, in its outlook for Kenya, forecasted Kenyan economy will forecasted at 6% this year,
  • The growth will be propelled by favourable weather conditions and big-ticket investments around President Kenyatta’s Big 4 agenda.
  • The African Economic Outlook 2020 is titled: Developing Africa’s Workforce for the Future.

Kenya’s economy is forecasted to grow at 6% this year, riding on favourable weather conditions and big-ticket investments around President Kenyatta’s Big 4 agenda.

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The African Development Bank(AfDB) Group, in its outlook for Kenya, banks this growth on increased crude oil production from the Turkana basin and exports, continuing foreign direct investments, and gains from the African Continental Free Trade Agreement.

The government’s reenergized commitment to the Big Four Agenda is also expected to boost economic expansion.

The African Economic Outlook 2020, titled: Developing Africa’s Workforce for the Future states that Kenya’s GDP grew by an estimated 5.9% in 2019 down from 6.3% in 2018, mainly due to unfavourable weather and reduced government investment.

AfDB Group reports faults Kenya’s economic growth has not being inclusive. Figures show that poverty fell to 36% in 2015/16 from 46% in 2005/6 while unemployment also fell marginally from 9.5% in 2014 to 9.3% in 2018.

In 2019, Kenya’s Public debt rose to 58% of GDP from 41% in 2013, the AfDB Group economic update shows. The debt portfolio was comprised of more non-concessional loans (67%) than concessional loans (33%).

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