Despite the fact that some industries are still recovering, economists have predicted a bleak picture for the second quarter of this year.
The recent 75basis point increase by the Kenyan central bank is anticipated to tighten private markets, according to research by retail brokerage firm FX-pesa. Rufus Kamau, the head market analyst at FX Pesa, added that the impact of the drought, higher interest rates, and higher taxes are likely to have an impact on business growth in the second quarter.
Due to subpar performance in the agriculture sector, Kenya’s central bank reduced the 2023 growth target to 5.8 percent last week, a slower pace than the prior target of 6.1 percent.
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