Low oil prices and loose monetary policy in the U.S. have bolstered Kenya’s economy, leading the World Bank to revise its growth forecast for East Africa’s largest economy to 6% this year, sharply up from its previous projection of 4.7%.
The risk for sub-Saharan Africa’s fifth-largest economy is that international economic conditions won’t necessarily remain so favorable, given weak demand for goods in the eurozone, still grappling with slack growth, and the expected tightening of the U.S. Federal Reserve’s monetary policy later this year, the World Bank said on Thursday.
The bank also called on the Kenyan government to keep public spending in check, as it risks accumulating too much debt amid efforts to spend more on improving infrastructure.
Read more: Kenya Set for Faster Growth, Says World Bank – Frontier Markets News – Emerging & Growth Markets – WSJ.
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