Nevertheless, the country will face a slight growth in 2020
Amount of money Kenya lost due to coronacrisis unveiled. Source: pexels.com
According to CapitalBusiness, the effects of COVID-19 on most economies were felt globally. However, regardless of the difficult economic year due to COVID-19, Kenya was resilient in 2020, President Uhuru Kenyatta stated.
There was a slight growth in the GDP in the country. This was a plus in comparison to other major global economies which witnessed a fall in the GDP in 2020. Kenya’s GDP improved despite the pandemic, recording an increase of 0.6%. The global economy, however, decreased by -3.5%. Other areas such as the United Kingdom recorded an economic decline by -10%, Europe by -7.2%, and sub-Saharan African economies by -2.6%.
Among the measures that helped the country stand amid the pandemic include coronavirus containment measures set by the national and county governments. And in 2021, Kenya’s economy is likely to record a 7% growth rate.
However, the effects of the pandemic led to an Sh560 billion ($5 billion) of GDP. This was the opportunity cost of saving the resident’s lives. Nevertheless, the loss was worth it.
The World Bank estimates that the country’s economy will grow by 7% in 2021. While this is beneath historical averages, it is the highest growth in Africa. The growth will be boosted by major sectors including education, transport, agriculture, and manufacturing.
We’ve reported that the African Development Bank Group banned Kenyan company over fraud.
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