The World Bank has reduced Kenya’s 2023 growth rate to 5%, down from 5.5% due to concerns over commodity price hikes and drought.
“Kenya is set to grow at 5 percent in 2023 –down from 5.5— and back up to 5.3 percent in 2024,” World Bank said in the latest Regional Economic Outlook.
The lender blamed the downgrade on tighter financial conditions, inflation, and price volatility.
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