18/06/2012 - Posted by Bob Brunskill
Kenya's economy is set to grow by five per cent this year and next because of a high level of consumption, according to a new report. The World Bank warned, however, that expansion will slow unless the government finds ways of rebalancing the economy. Bloomberg reports that economic growth stood at 4.4 per cent in 2011 with potential for further growth in the coming years. The World Bank said in its report: "More than ever, Kenya's economy is out of balance. "Kenya needs to rebalance its economy, increase savings and create more incentives for exports." Good levels of rain have helped the agriculture sector recover from drought, with the news provider reporting that it generates around a quarter of the country's total output. It comes after the International Monetary Fund revealed last week that the country's debt it set to fall below 40 per cent of Gross Domestic Product by the end of the 2014-15 fiscal year.