NCBA Bank Predicts 4.8% GDP Growth for Kenya in 2024

NCBA Bank projects a 4.8% GDP growth for Kenya in 2024, driven by reduced inflation and a favorable global outlook. This forecast aligns with the IMF’s global growth prediction of 3.1% for 2024, expected to rise to 3.3% in 2025. NCBA Managing Director, John Gachora, highlighted Kenya’s economic resilience, pointing to measures addressing the June 2024 Eurobond maturity and stabilizing currency fluctuations. Growth is anticipated in agriculture and agro-processing, supported by favorable weather, although challenges like public debt and high tax burdens remain.

Gachora also addressed concerns about the impact of pending bills on private sector liquidity and economic stability. He stressed the importance of continued economic reforms to ensure macroeconomic stability and foster sustained growth despite ongoing challenges in the public and private sectors.