Kenya lowered its 2017 economic growth forecast to 5.5 per cent due to drought and political uncertainty, a top official said on Friday. The government has cut non-essential spending to free up funds for a repeat presidential election. He said some investors are also delaying decisions after the Supreme Court nullified the results of an August 8 presidential election citing irregularities in the tallying process. This was however a 0.6 drop compared to 5.5 per cent projected by the World Bank in April after revising its earlier forecast of 6 per cent in 2016. More on this: Kenya’s annual economic growth projected at 4.9%Also read: Kenya businesses prepare for short-term slowdown amid fresh election

Source: The Star September 15, 2017 12:21 UTC