Kenya’s economy is expected to expand by between 6.5 and seven percent in 2019, economic experts said on Thursday.

Metropol CEO Sam Omukoko told a media briefing in Nairobi that the growth will be fueled by increased mobile banking lending as well as the good weather forecast for the long rains in March, April and May.

“Economic growth will also be supported by the increase in the number of mega projects under execution as well as the early impact of President Uhuru Kenyatta’s Big Four Agenda,” Omukoko said during the release of the Metropol 2019 Kenya Economic Outlook.

He said that the east African nation is expected to achieve between eight and nine percent expansion of the gross domestic product (GDP) in 2020.

“This will be largely driven by the oil and gas sub sector which will be nearing full commercial production with crude oil pipeline to Lamu expected to be under construction,” he said.

Omukoko said Kenya’s savings to GDP ratio currently stands at 24 percent and the country will need to increase its savings rate in order to further boost its economic growth.

According to the Metropol 2019 Kenya Economic Outlook, Kenya has been expected for the last three years to pursue fiscal consolidation.

“This has not happened and the fiscal deficit continues to be in the range of between six to eight percent against a target of 3.7 percent of GDP,” said the report.

The survey urges the government to increase government revenues through widening of the tax base. Enditem

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