ECONOMY TO GROW BY 6.1 PERCENT IN 2023

The National Treasury and Economic Planning Cabinet Secretary Prof. Njuguna Ndung’u made his maiden budget statement for the Kenya Kwanza Administration, cantered on stimulating the economy, promoting inclusive growth, generating employment opportunities, and reducing the cost of living.

In his statement delivered at the floor of the 13^th Parliament, the CS said the 2023 Budget Policy Statement projects that the Kenyan economy will grow by 6.1 percent in 2023 from an estimated growth of 5.5 percent in 2022.

He said the budget will give emphasis on the sectors of; Agricultural Transformation; Micro, Small and Medium Enterprise (MSME) Economy; Housing and Settlement; Healthcare; and Digital Superhighway and Creative Economy.

“The budget reflects extensive consultations and incorporates measures to sustain inclusive growth outcomes,” said Prof. Ndung’u.

CS Prof. Ndung’u said global economic shocks which disrupted global economies, the Ukraine/Russia war, severe long drought seasons, the government remains committed to raising tax revenue ratio to the country’s Gross Domestic Product.

The theme of the Budget Policy Statement is “Bottom-Up Economic Transformation Agenda for Inclusive Growth”, in line with the Manifesto of the Kenya Kwanza government Bottom-Up approach to economic transformation.