The forecast that Kenya’s economy is expected to grow by 5.6% in 2023, up from 5.5% in 2022, is a positive sign for the country. It indicates that the economy is recovering from the COVID-19 pandemic and is on track to achieve its long-term growth potential. Another risk is the global economic slowdown. The slowdown could lead to a decline in demand for Kenyan exports.Overall, the outlook for the Kenyan economy in 2023 is positive. The economy is expected to grow by 5.6%, up from 5.5% in 2022. This growth will be driven by the services sector, household consumption, and the government’s Bottom-Up Economic Transformation Agenda. For more details kindly visit here https://shazmeerjiwan.co.ke/kenyas-economy-is-expected-to-grow-by-5-6-in-2023-up-from-5-5-in-2022/

1. Kenya’s Economy Is Expected To
Grow By 5.6% In 2023, Up From
5.5% In 2022

2. The forecast that Kenya’s economy is expected
to grow by 5.6% in 2023, up from 5.5% in 2022,
is a positive sign for the country.
It indicates that the economy is recovering
from the COVID-19 pandemic and is on track
to achieve its long-term growth potential.
There are a number of factors that are expected
to contribute to Kenya’s economic growth in
2023.
One of the key factors is the growth of the
services sector.

3. The services sector is the largest sector of the
Kenyan economy, accounting for over 70% of
GDP.
The sector is expected to grow in 2023 due to
increased demand for services such as
telecommunications, financial services, and
tourism.
The Kenyan government’s Bottom-Up
Economic Transformation Agenda (BETA) is
also expected to contribute to economic
growth in 2023.

4. BETA is a development plan that focuses on
agriculture, MSMEs, affordable housing, and
universal healthcare.
BETA is expected to create jobs and reduce
poverty, which will boost economic growth.
Another key factor that is expected to
contribute to Kenya’s economic growth in
2023 is household consumption.
Household consumption is the largest
component of GDP, accounting for over 60%.

5. Household consumption is expected to grow in
2023 due to rising incomes and increased access
to credit.
Of course, there are also some risks to Kenya’s
economic outlook in 2023. One of the key risks
is the ongoing war in Ukraine
The war is driving up the prices of food and
fuel, which is putting pressure on household
incomes and businesses.
Another risk is the global economic slowdown.
The slowdown could lead to a decline in
demand for Kenyan exports.

6. For more details kindly visit here
https://shazmeerjiwan.co.ke/kenyas-economy-is-expected-to-
grow-by-5-6-in-2023-up-from-5-5-in-2022/