2024 Economic Growth In Kenya Declines, Rwanda & Uganda Lead East Africa
World Bank Report has revealed that Tanzania and Uganda are projected to surpass Kenya in economic growth in 2024.
The Global Economic Growth Prospects study, released on Tuesday, June 11, stated that Rwanda will top East Africa in GDP growth for the rest of 2024.
Uganda’s economic growth is anticipated to reach 6.0% by 2024, putting it ahead of Kenya.
Tanzania’s GDP growth rate is expected to be 5.4 percent in 2024, ranking third among East African countries.
Kenya is anticipated to rank fourth, with an average GDP of 5.0 percent.
Rwanda’s GDP, which is predicted to be 7.6% for the rest of the year, is the highest in the area, with a record high of 10.9 in 2021.
2024 Economic Growth In Kenya Declines, Rwanda & Uganda Lead East Africa
However, the Democratic Republic of the Congo is rated second in East Africa, along with Uganda, with a GDP rate of 6.0.
On the hand, Somalia and Burundi are predicted to lag behind at 3.7 and 3.8, respectively, with South Sudan trailing at 2.0.
The World Bank’s analysis for Sub-Saharan countries further stated that non-resource-rich countries are anticipated to continue their growth trajectory in 2024.
“Non-resource-rich economies are expected to grow at a faster rate than their historical average, while resource-rich economies are expected to recover from slow growth in 2023, which was primarily due to falling metal prices.”
2024 Economic Growth In Kenya Declines, Rwanda & Uganda Lead East Africa
Per capita GDP in SSA is predicted to expand by an average of 1% this year and 1.4% in 2025-26, according to the World Bank.
Furthermore, the global bank blamed the drop in East African GDPs on recent flooding and destructive weather patterns in the region.
“The current El Niño weather pattern could bring further devastation and increase the incidence of vector-borne and waterborne diseases due to increased rainfall and flooding in parts of Africa, especially East Africa (Burundi, Rwanda, Somalia, Uganda),” reads the report in part.
