World Economy

Kenya Growth Downgraded

Kenya Growth DowngradedKenya Growth Downgraded

The International Monetary Fund has revised downward its economic growth projection for Kenya in 2015 from an earlier estimate of 6.9% to at least 6%, citing the depreciating shilling and the dwindling tourism numbers, Bernama reported. The IMF says the continued infrastructure investments and good performance in the agriculture sector will anchor Kenya’s growth this year. The government’s revised economic growth projection this year was revised down to 5.3% in April, from an earlier estimate of 6.5%. The Regional Economic Outlook Report by the IMF indicates that oil importers such as Kenya stand to benefit substantially from the current low oil prices but their economies will be negatively impacted by inflation.