External shocks dim East Africa economic growth prospects
Potato traders wait for traders for the valuable commodity outside Mwariro Market located along Ring Road in Nairobi, Kenya on April 11, 2023. PHOTO | FRANCIS NDERITU | NMG
The International Monetary Fund (IMF) projects that the East African economy will grow at 5.6 percent, but the region’s business lobby says external and domestic shocks could impact the positive outlook.
The East African Business Council (EABC) cites the global economic slowdown, rising commodity prices, high inflation, liquidity, the war in Ukraine, international trade policies, tightening of global financial conditions, and exchange rate depreciation.
