Economy

In Focus; GDP growth projections for EAC member states

Kenya, the biggest economy in East Africa will see its economy grow at the slowest rate in East African Community (EAC) compared to its peers in the region.

DRC will have its economy grow by 6.7 percent (to grow to 4% in 2024) followed by Rwanda at 6.3 percent (to grow to 7% in 2024), Tanzania at 5.2 percent (to grow to 6.1% in 2024).

Kenya has been placed fourth – whose economy is projected to grow by 5 percent in 2023 (to grow to 5.3% in 2024).

This is according to the economic growth forecast for Sub-Saharan Africa by the International Monetary Fund (IMF) in its World Economic Outlook report published Tuesday.

Sub-Saharan Africa’s economy is projected to grow by 3.3 percent down from the 4 percent projection in April this year.

South Africa, whose economy is hobbled by record power cuts, will grow just 0.9% this year.

Russia’s invasion of Ukraine, after COVID-19 had already dealt the global economy a heavy blow, sent food, fuel and fertiliser prices soaring in Africa last year.  

ECONOMIC GROWTH FORECAST FOR EAC
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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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