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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Investment rebound to boost Kenya’s
economy in 2018: Genghis Capital 

NAIROBI (Xinhua) -- Kenya’s economy is forecast to grow by between 5.25 to 5.75 percent in 2018 thanks to a rebound in both public and private investment, an investment bank said Tuesday.

Geoffrey Gangla, CEO of Genghis Capital Investment Bank, told an investor briefing in Nairobi that economic activity was subdued in 2017 due to prolonged electioneering period.

“We are of the view that private sector optimism will pick up this year while public investment on infrastructural development will gather momentum, which will result in a gross domestic product (GDP) growth of between 5.25 to 5.75 percent in 2018,” Gangla said.

He noted that the economy will also benefit from positive performance in the agricultural sector, buoyed by improved weather pattern.

Gangla also said that there will be intense government effort towards expansion of food and agricultural production in a bid to enhance food security.

The analyst observed that there is high likelihood of a continued rebound in key service sectors such as tourism and information communication technology (ICT).

“The tourism sector will be sustained by the receding terror risk which led to removal of travel alerts from key tourist source countries,” he added.

According to Gangla, the key challenge to face Kenya in 2018 is the protracted low private sector credit growth that has persisted for the past two years.

He also noted that public finance is currently skewed towards recurrent expenditure as opposed to development spending.

             

 

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