The current economic situation in Kenya is in dire need of a turnaround. In 2021, the Kenyan economy staged a strong recovery, growing at 7.5 percent although some sectors, such as tourism, remained under pressure. GDP is projected to grow 5.6 percent in 2023 and six percent in 2024, driven by services and household consumption.
However, inflation is projected to rise to 8.6 percent in 2023. Of late anyone you talk to, there is only one conversation: ‘No money, the economy is bad’. After the government passed the Finance Act 2023, taxes are becoming more and more unsustainable.
