2023-08-18 08:55:54
The Kenyan government will target an economic growth rate of 7.2 percent in 2027, a treasury official said on Friday, faster than the 4.8 percent growth recorded last year.
Growth will be driven by increased productivity in the agricultural sector and small businesses, said James Muhati, principal secretary for planning in the finance ministry, at an event to launch the government’s medium-term development plan.
Authorities in the East African country are trying to spur growth to create jobs for millions of young people, while tackling major challenges, such as increasing debt repayments.
The government is seeking to reduce annual budget deficits to reduce debt repayments and create space for much-needed investment.
It cut the deficit to 4.4% of gross domestic product for the current fiscal year, through June 30, 2024, and plans to cut it further to 3.6% in fiscal year 2024/25, said said the ministry.
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