Businesses & Financial News

Kenya’s economy to rebound in 2021 at 6.6 percent

The Kenyan economy is expected to accelerate the fastest this year sustained by relaxed restrictions as well as Government’s relentless efforts aimed at vaccinating its citizens against the Coronavirus.

As a result, key sectors including the financial markets are looking up despite the existing global ‘confusion’ caused by the pandemic.

Indeed, estimates by the National Treasury and Planning (TNT), for instance, indicate that the economy will rebound strongly in 2021 to hit 6.6 percent, from an estimated growth of 0.6 percent in 2020.

Whereas the estimated 0.6 percent growth in 2020 falls below the 5.4 percent in 2019 and 6.3 percent in 2018, it was a relatively better outcome compared to Kenya’s peers like South Africa and Nigerian economies which contracted by 7.0 percent and 1.8 percent, respectively, while SSA thinned by 1.9 percent in 2020.

A year and a half since the onset of the COVID-19 pandemic, the global economy is poised to stage its most robust post-recession recovery in 80 years in 2021. But the rebound is expected to be uneven across countries, as major economies look set to register strong growth. World economy is projected to grow by 6.0 percent this year, from a contraction of 3.3 percent in 2020.

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