Kenya’s economy is expected to grow by 6.4 per cent in 2021 from 0.6 per cent in 2020, says the country’s Cabinet Secretary, National Treasury and Planning, Ukur Yatani.
In a draft ‘2021 Budget Policy’ statement, he said, “Consequently, growth is projected to bounce back to 6.4 per cent in 2021 from the projected 0.6 per cent in 2020.”
A stable macroeconomic environment, a turnaround in trade, and favourable weather are considered by the country as the magic wands expected to support agricultural output for growth projection in 2021.
However, Yatani noted that the COVID-19 pandemic and efforts to contain it adversely affected businesses and economic activities in the country.
“As a result, our economy contracted by 5.7 per cent in the second quarter of 2020 from a growth of 4.9 per cent in the first quarter of 2020 largely due to significant contractions in the services and industry sub-sectors,” he stated.
Yatani added that through the gains made under the Economic Stimulus Programme, the government would roll out the ‘Post-COVID-19 Economic Recovery Strategy’ to mitigate the adverse impacts of the pandemic and reposition the economy on a growth trajectory.
Get real time update about this post categories directly on your device, subscribe now.