Kenyan economy expected to grow

19/07/2011 - Kenya property & investment news Posted by Bob Brunskill
Kenyan economy expected to grow

The Kenyan economy is set to grow by 5.3 per cent this year and accelerate to 5.5 per cent next year, projections made by the African Development Bank (AfDB) have suggested.According to the AfDB, the economic outlook for 2011 is promising, nation.co.ke has reported.A combination of trends could contribute to ensure positive prospects on the short to medium-term, the AfDB said."The enactment of the new Constitution, continued investment in infrastructure, and vibrant private sector will help the country register a growth," commented Professor Mthuli Ncube, AfDB chief economist and vice-president.He added that the launch of the East African Community market is helping to create a single investment environment in which Kenyan firms have access to a larger market.In June, the World Bank downgraded Kenya's economic growth outlook for 2011. Indeed, the Bank suggested Kenya's economy could grow by 4.8 per cent this year, down from its initial 5.3 per cent forecast.