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.
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.”