Report
The World Bank Group has launched the 29th edition of its “Kenya Economic Update” report, focusing on trade as a key driver for economic growth and job creation. The report provides a comprehensive analysis of trade-related issues in Kenya, including the country’s trade policy, trade competitiveness, and the impact of trade on poverty and inequality.
National Treasury Chief Economist Michael Mandu said that the report provides great insights on the role of trade integration in promoting growth and job creation. “We have seen a lot of challenges in the global arena in terms promoting or growing trade, despite all these challenges, we have seen trade integration continue to grow significantly,” he said.
Speaking in Nairobi on Wednesday during the launch, Mandu acknowledged the country’s strong agricultural performance but expressed concern over the slow growth in the industry.
“While we have seen some positive developments in recent years, there is still much work to be done to ensure that growth is sustainable, inclusive, and equitable. We need to focus on improving our trade infrastructure, removing trade barriers, and promoting innovation in order to maximize Kenya’s potential as a regional trade hub,” Mwenda said
The event attendees were reminded of the importance of sustained investor confidence for long-term economic growth and the need for Kenya’s manufacturing sector to ramp up in order to support sustained economic growth.
The launch of the “Kenya Economic Update” serves as a valuable resource for policymakers, businesses, and stakeholders in Kenya and beyond, highlighting the opportunities and challenges facing the country’s economy and the potential for trade to drive robust growth and dynamic job creation.
World Bank Senior Economist for Macroeconomics, Trade and Investment Naomi Mathenge emphasised on the country’s potential as an East African trade hub while also highlighting challenges that need to be addressed.
“Kenya is poised for tremendous growth and opportunity, but we must be mindful of the challenges that lie ahead. By working together, we can build a brighter future for all Kenyans,” she said.