BThe latest Global Economic Growth Prospects report highlights Rwanda as the leading economy in East Africa for the remainder of 2024, with a projected GDP growth rate of 7.6 percent. This follows Rwanda’s record high GDP growth of 10.9 percent in 2021, underscoring its robust economic performance in the region.
Uganda is expected to follow closely with a projected growth rate of 6.0 percent, surpassing Kenya, which is forecasted to grow at a slower pace of 5.0 percent. Tanzania ranks third with a projected growth rate of 5.4 percent, showcasing steady economic progress within East Africa.
The report attributes the economic challenges in East Africa partly to adverse weather conditions, including recent flooding, which have affected countries like Burundi, Rwanda, Somalia, and Uganda. The current El Niño weather pattern poses further risks by potentially exacerbating flooding and increasing the prevalence of diseases.
President William Ruto of Kenya, in response to the projections, emphasized the importance of implementing proactive measures to stimulate economic growth and address external challenges. The World Bank, represented by President Ajay Banga during their meeting at State House, Nairobi in March 2023, echoed the need for sustainable economic policies amidst global uncertainties.
Looking forward, the World Bank’s report for Sub-Saharan Africa anticipates varied growth trajectories across economies, with non-resource-rich countries projected to maintain growth rates above historical averages. Meanwhile, resource-rich economies are expected to recover from previous slowdowns linked to declining metal prices.
In conclusion, while Rwanda and Uganda lead East Africa in GDP growth for 2024, Kenya faces a slowdown, prompting regional leaders and international organizations to advocate for resilient economic strategies amid evolving global and environmental challenges. This assessment not only captures the current economic landscape but also provides insights into future prospects and the challenges confronting East African nations in their pursuit of sustained economic development.
Photo source: Google
Montel Kamau
Serrari Financial Analyst
13th June, 2024
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