NCBA Projects 4.8% GDP Growth for 2024, Highlights Key Economic Trends for 2025
NCBA has projected that Kenya’s Gross Domestic Product (GDP) will grow by 4.8% in 2024, with a steady economic outlook for the following year. The forecast was shared at the bank’s annual Economic Forum, held today under the theme, “Navigating Uncertainty – Key Trends Influencing the Economic and Business Environment in 2025.”
The forum brought together leading economists, policymakers, and business leaders to discuss both global and domestic factors shaping Kenya’s economic landscape. Key trends discussed included inflation dynamics, fiscal policy measures, and sector-specific performance. The bank emphasized that while challenges such as rising inflation and fluctuating global commodity prices persist, the outlook for Kenya remains positive, underpinned by resilience across key sectors including agriculture, manufacturing, and services.
In his address, NCBA’s Chief Economist, [Name], highlighted that despite the global uncertainties, Kenya’s economic fundamentals have shown resilience. “Our projections reflect a balanced mix of external and internal factors. While inflation has been a key concern, we expect government measures and the ongoing diversification of the economy to sustain growth momentum in the short-to-medium term,” [Name] stated.
The forum also discussed key trends expected to shape the economic environment in 2025, including the potential impact of fiscal consolidation efforts, the pace of infrastructure development, and the adoption of digital and green technologies across industries.
“We are at a critical juncture,” [Name] added. “While we face global challenges such as tightening monetary policies and global supply chain disruptions, Kenya’s focus on innovation, infrastructure investment, and strategic partnerships in sectors like renewable energy and technology will be key drivers of future growth.”
The event attracted a diverse range of stakeholders, from policymakers and financial institutions to business executives, all keen on understanding the economic outlook for the year ahead.
As the nation navigates through these complexities, NCBA’s forecast signals a cautiously optimistic path forward, with the potential for continued growth, even in the face of global economic headwinds.
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