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Kenya’s economic outlook has darkened significantly, with the Central Bank of Kenya (CBK) revising its growth projections for 2024 down to 5.1 per cent from 5.4 per cent.

CBK Governor Kamau Thugge Wednesday announced the new forecast during a press briefing, highlighting a troubling deceleration across key sectors, including construction, mining, and quarrying. The downward revision reflects the economy’s sluggish performance in the second quarter of the year, primarily due to contractions in key sectors like construction and mining.

“The growth projection for 2024 has been revised to 5.1 per cent from the previous projection of 5.4 per cent, reflecting the growth outcome for the second quarter of 2024 which shows a slowdown in growth,” said Thugge at a virtual press conference.

The forecast reflects a stark shift from the robust growth that characterised previous years, casting a shadow over President William Ruto’s reorganised administration, which has prioritised job creation afresh amid widespread discontent over rising living costs and new taxation.

The economic slowdown threatens to reignite social tensions, particularly among the increasingly restless Generation Z, who have been demanding greater economic opportunities and improved living standards.

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