This archive report was first published on 30 September 2019.
On September 30, 2019, a report by ICAEW projected East Africa's GDP to grow by 6.3% in 2019, driven by Kenya and Ethiopia.
Kenya's new oil-exporting status and its strong service sector have been instrumental in shielding commodity prices from global fluctuations.
According to ICAEW's Regional Director of the Middle East, Africa, and South Asia, 'This diversity has played a key role in helping Kenya to weather the storm caused by the instability of oil prices. Furthermore, a well-regulated private sector is key to the survival of the economy.'
Kenya's private sector has been a critical driver in adding diversity and ensuring economic fortitude, powered by established regulations.
Michael Armstrong, ICAEW's regional director, noted that the strength of Kenya's diverse economy protects it from global economic fluctuations.
'A strong service sector keeps Kenya's economy shielded from the trade war currently raging between the United States and China. Furthermore, the sector protects Kenya from global commodity price slumps,' said Mr. Armstrong.
