IMF downplays Kenya's GDP growth forecast for 2024

The International Monetary Fund (IMF) has projected slower economic growth for Kenya over the next two years, according to its Global Economic Outlook report released on October 22.

The country's Gross Domestic Product (GDP) is expected to decline from 5.6% in 2023 to 5.0% in both 2024 and 2025. This forecast could impact business activities, jobs, and production levels across sectors.

Despite significant growth in services and agriculture in 2023, the report indicates challenges ahead for President William Ruto’s administration amidst ongoing IMF negotiations.