- Category: News and Highlights
Kenya Institute for Public Policy Research and Analysis (KIPPRA) staff were among a team of experts invited to review a regional economic outlook report launched by the International Monetary Fund (IMF) on May 18, 2015 at the Norfolk Hotel.
The report titled ‘Navigating Headwinds’ forecasts a 4½ per cent economic growth for Sub-Saharan Africa, meaning Kenya’s economic growth will hit seven per cent next year, the highest it has gone since 2007.
Kenya’s economy will especially benefit from increased foreign direct investment, improved balance of trade and a lower current account deficit, which is the difference between imports and exports.
According to the report, investment in infrastructure, notably the standard gauge railway, and other sectors of the economy would continue to push up Kenya’s fiscal deficit.
Responding to the report, Dr Dickson Khainga of KIPPRA said it was comprehensive and provided a clear picture of the drivers of the economy in the region and the country. This, according to him, would provide guidance on what to focus on in terms of policy and planning.
On the other hand, Dr Augustus Muluvi from KIPRPA’s Trade and Foreign Policy Division pointed out specific areas in which Sub-Saharan Africa can benefit from global value chains and trade integration. He especially highlighted the milestones the East African Region had made towards trade integration and providing and favourable environment.
Other economic experts who gave their views on various aspects of the report include World Bank Group Lead Economist Apurva Sanghi and International Monetary Fund (IMF) Resident Representative Armando Morales.