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01:53
Kenya projects economy to grow 5.5 pct in 2023
STORY: Kenya projects economy to grow 5.5 pct in 2023
SHOOTING TIME: Nov. 7, 2023
DATELINE: Nov. 8, 2023
LENGTH: 00:01:53
LOCATION: Nairobi
CATEGORY: ECONOMY
SHOTLIST:
1. various of Nairobi
2. various of the NCBA Bank 2024 Macroeconomic Outlook Forum
3. SOUNDBITE (English): SUSAN KOECH, Deputy governor of Central Bank of Kenya
4. various of the NCBA Bank 2024 Macroeconomic Outlook Forum
5. various of Nairobi
STORYLINE:
Kenya's economy is projected to grow 5.5 percent in 2023, compared to 4.8 percent recorded in 2022, a government official said Tuesday.
Susan Koech, the deputy governor of the Central Bank of Kenya, told a forum in Nairobi, the capital of Kenya, that the growth will be driven by a rebound in the agricultural and services sector as well as government measures implemented to stimulate the manufacturing sector.
SOUNDBITE (English): SUSAN KOECH, Deputy governor of Central Bank of Kenya
"Despite the global uncertainties, Kenya's growth has remained strong and is expected to remain above the global and sub-Saharan Africa averages in 2023 and 2024, pointing to the resilience and diversified nature of the economy."
The NCBA Bank 2024 Macroeconomic Outlook Forum gathered senior government officials, bank executives and manufacturers to review ways to boost Kenya's economic growth.
Koech observed that the East African nation's economy is projected to expand by 6 percent in 2024 as the country has a well-diversified economy that is able to weather multiple shocks.
She revealed that Kenya's economic performance is also underpinned by its exports which are dominated by agricultural productions such as fresh flowers, tea and coffee.
According to Koech, the country's export sector will remain vibrant as about 40 percent of Kenya's exports are consumed by the African continent which is currently implementing the African Continental Free Trade Area.
She added that the private sector which is dominated by small and medium enterprises has also emerged as a significant player in economic growth.
Xinhua News Agency correspondents reporting from Nairobi.
(XHTV)
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