Browsing: Kenya’s GDP

  • The economy of Kenya will grow by 5.5 per cent in 2022 and 5.2 per cent on average in 2023–24
  • Data by World Bank indicates that while still strong, the growth rate will be moderate following a remarkable recovery in 2021 from the worst economic effects of the pandemic
  • The bank noted that the impact of the war in Ukraine is weighing on the global economic recovery from the pandemic

The World Bank has projected that Kenya’s real gross domestic product (GDP) will grow by 5.5 per cent in 2022 and 5.2 per cent on average in 2023–24.

According to the group, while still strong, the growth rate will be moderate following a remarkable recovery in 2021 from the worst economic effects of the pandemic.

During the period, the country’s economy grew by 7.5 per cent, much higher than the estimated average growth in Sub-Saharan Africa of 4 per cent.…

Last year, a report by an American think tank revealed that wealthy Kenyans are hoarding nearly two times Kenya’s 2018-19 Sh3 trillion (USD 30 billion) budget.

The revelations by the National Bureau of Economic Research (NBER) came even as the Kenya Revenue Authority (KRA) continued on a bumpy road to hit tax targets.

According to the NBER report, the figure represents about 65 per cent of Kenya’s Gross Domestic Product (GDP).

NBER said the money by Kenya’s wealthiest individuals is hidden in offshore accounts since the proceeds are ill-gotten.

These offshore account holders also evade taxes bypassing Kenyan laws to protect their loot.

KRA’s Njiraini’s offshore account

Ironically, KRA Commissioner-General John Njiraini’s name was mentioned in court early this year over an ownership battle of a roofing materials company, Space & Style Limited.

Njama Wambugu, who is accusing Njiraini of using his position at KRA to harass him claims that …