The Organisation for Economic Cooperation and Development (OECD) says the global economy is projected to grow at 5.5 per cent this year and four per cent next year, raising hopes of faster recovery from the disruption of Covid-19 than earlier expected. However, OECD warns that there are increasing signs that recovery will be uneven across the board given the different approaches adopted by economies to contain the spread of the virus. The recent edition of the World Bank’s Kenya Economic Update said Kenya’s economy will grow at 6.9 per cent in the best-case scenario, pushed by recovery in private and government consumption. “The reopening of the economy is expected to boost activity, reduce unemployment and support wage and income growth,” said the report released in November 2020. “As a result, private consumption is projected to grow at 6.3 per cent in the medium term.”

Source: Standard Digital March 12, 2021 21:00 UTC