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IMF forecasts Kenya savings to hit 16.1pc of national output
The linkage of banks with mobile money has helped the level of savings in Kenya grow for the past three years. PHOTO | FILE
Kenya’s national savings will rise to 16.1 per cent of GDP by the end of this year, surpassing the average for middle-income countries in Africa after years of lagging behind, according to the International Monetary Fund (IMF).
In a newly released regional economic outlook for sub-Saharan Africa, the IMF says that Kenya will be one of just eight out of the 20 countries in Africa classified as middle-income economies to record an increase in gross national savings — a measure of savings as a ratio of the GDP.
