Posted 12/13/2023, 5:30:49 AM
Kenya Marks 60th Independence with Economic Turnaround Signs
- Kenya celebrated its 60th independence anniversary on December 12th with positive economic news - the country is emerging "out of debt distress" according to President Ruto
- Reforms and difficult economic decisions this year like tax hikes and subsidy removal have started yielding dividends in terms of debt relief
- Kenya had a concerning national debt equal to 2/3 of its GDP earlier this year
- The president stated Kenya's GDP grew 5.4% in the last 6 months showing signs of economic recovery
- Inflation rose for 3 straight months largely due to fuel costs, but food inflation declined thanks to favorable weather conditions