According to a World Bank Report, Tanzania and Uganda are projected to surpass Kenya in economic growth in 2024.
The Global Economic Growth Prospects report, released on Tuesday, June 11, highlighted that Rwanda will lead East Africa in GDP growth for the remainder of 2024.
Further projections indicate that Uganda's economic growth is expected to reach 6.0 per cent in 2024, positioning it ahead of Kenya.
Tanzania is anticipated to have a growth rate of 5.4 per cent, making it the third-highest among East African countries in terms of GDP growth for 2024.
Kenya is expected to come in at a staggering fourth position where the country’s GDP will average at 5.0 percent.
Rwanda’s GDP which is expected to be 7.6 per cent for the rest of the year has been the highest in the region, with it hitting a record high of 10.9 in 2021.
The Democratic Republic of Congo, however, is ranked second in East Africa tying with Uganda at a 6.0 GDP rate.
However, Somalia and Burundi are expected to lag behind at 3.7 and 3.8 respectively with South Sudan tailing the pack at a rate of 2.0
Further, the World Bank in its report for Sub-Saharan countries explained that non-resource-rich countries are expected to maintain their growth trajectory in 2024.
"Non-resource-rich economies are forecast to maintain growth above their historical average rate, while resource-rich economies recover from their slow growth in 2023 that mainly reflected declining metal prices. Per capita GDP in SSA is expected to grow, on average, by a meagre 1 per cent this year and average 1.4 per cent in 2025-26," the World Bank explained.
Further, the global bank has attributed the decline of East African GDPs to the recent flooding and devastating weather patterns witnessed in the region.
“The current El Niño weather pattern could bring further devastation and increase the incidence of vector-borne and waterborne diseases owing to increased rainfall and flooding in parts of Africa, especially East Africa (Burundi, Rwanda, Somalia, Uganda), read the report in part.
