The International Monetary Fund (IMF), has given the Kenyan economy a positive outlook despite the adverse effects left behind by the COVID-19 Pandemic saying it will adjust its growth projection next month.
The fund which had projected economic growth of 0.3pc this year says the economy, contrary to previous expectations has shown strong signs of resilience.
According to the IMF Resident Representative for Kenya Tobias Rasmussen, the change in outlook is supported by an improvement in several economic indicators.
IMF says there will be an “upward revision” of its June forecast for the Kenyan economy where it had warned that the COVID-19 pandemic will see the Kenyan economy shrink by 0.3pc in 2020.
The fund says there has been an upturn in most activity indicators looking at the numbers coming out of Kenya and it’s fair to say that the outruns here have so far been better its expectations.
The National Treasury has said it expects the Kenyan economy to grow by 2.5pc due to COVID-19 induced economic slowdowns.
After registering the first case of the virus in Kenya in March this year, the government responded by closing the airspace, imposing dusk to dawn curfew, and curtailing inter-county movements.
Some of these measures have since been lifted as the number of cases continues to decline. Renaissance Capital forecasts Kenya’s economy to grow at 1.5pc in 2020 driven by superior agricultural yields and strong export of flowers and horticultural goods.
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