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NAIROBI, Dec 20 (Reuters) – Kenya’s economy is likely to expand by 4.5%-5.2% in 2024 from an estimated 5% this year, the World Bank said on Wednesday.
The East African nation has been growing at one of the fastest annual paces on the continent in recent years but a heavy debt load and a weakening currency have emerged as risks.
“Debt related vulnerabilities persist, and rising debt costs constrain government’s ability to address development challenges,” the bank said in a statement on its latest Kenya economic update report.
Policymakers will need to balance between the short-term macroeconomic challenges and longer-term growth considerations, said Naomi Mathenge, a senior economist at the World Bank.
(Reporting by Duncan Miriri; Editing by Jacqueline Wong)
((duncan.miriri@thomsonreuters.com; Tel: +254 20 4991239; Reuters Messaging: duncan.miriri.thomsonreuters.com@reuters.net))
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