Economics
War in Ukraine Seen Putting Brakes on Kenya’s Strong Recovery
- East Africa’s biggest economy expanded by 7.5% last year
- Forecasts GDP growth slowing to 6.7% this year on Ukraine war
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After experiencing the fastest economic growth in more than a decade, Kenya now expects slower expansion this year due to the spill over effects of Russia’s invasion of Ukraine, according to Treasury Secretary Ukur Yatani.
East Africa’s biggest economy expanded by 7.5% last year and growth would have accelerated to 9% in 2022 were it not for challenges such as food and fuel inflation, scarcity of grains especially wheat, and the weakening of the shilling against the dollar, Yatani said Thursday in the capital Nairobi. Expansion is instead forecast at about 6.7%, he said.