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Middle class appetite for imports ‘hurts growth’
Imported cars: The number of Kenyan’s middle class doubled in the last decade to 6.5 million. PHOTO | FILE
The Parliamentary Budget Office (PBO) has raised the alarm over the rising spend on imported products by the middle class, warning that the trend is slowing down economic growth.
The office, which advises MPs on economic and budget issues, said a small number of Kenya’s middle class is not investing its money in ventures like real estate and enterprises that can drive growth and generate jobs.
