Kenya's Economic Growth to Drop Slightly In 2017 - CBK

Kenya’s Economic Growth to Drop Slightly In 2017 – CBK

By David Indeje / January 31, 2017

Kenya’s economy is expected to grow by 5.7 percent in 2017 from about 5.9 percent in 2016, Dr. Patrick Njoroge, Governor Central Bank of Kenya has said.

The biggest risks ahead are linked to uncertainties in the global economy.

“We are seeing more volatility in the global market. We are very uncertain with what is happening especially under the new US administration and the outcome of the Brexit negotiations,” said the Governor at a media briefing after the Monetary Policy Committee (MPC) retained the CBK rate at 10 percent on Monday.

“The whole world is waiting with bated breath on what the US foreign policy would be like. We do not know where we are. We are in an age of uncertainty,” he added.

“What would happen if suddenly somebody blows out the African Growth and Opportunity Act or there is a slowdown in remittances.The concern is not for just Kenya alone; the concern is worldwide,” said Njoroge.

Read: What will Trump Mean for Africa? Africa Business RoundUp

However, on the forth coming Kenya’s General Election, CBK says it is not worried, “All of us will behave appropriately. All Investors need to take a long-term bet on the Kenyan economy, no side-lining.”

Related:

About David Indeje

David Indeje is a writer and editor, with interests on how technology is changing journalism, government, Health, and Gender Development stories are his passion. Follow on Twitter @David_IndejeDavid can be reached on: (020) 528 0222 / Email: [email protected]

View other posts by David Indeje