Kenya economy to fare better after elections

Business
Kenya’s economy has weathered the election storm better than it did a decade ago, a Reuters’ poll of economists suggested, and they expect investment to pick up next year if calm returns to the country soon.

JOHANNESBURG — Kenya’s economy has weathered the election storm better than it did a decade ago, a Reuters’ poll of economists suggested, and they expect investment to pick up next year if calm returns to the country soon.

On Monday, President Uhuru Kenyatta was declared winner of a repeat election after the result from two months ago was disputed, handing a second term to the son of the country’s founding father, the late Jomo Kenyatta.

“The drawn out polls have dampened economic activity and would likely weigh on fourth-quarter GDP growth,” said Rafiq Raji, chief economist at Macroafricaintel in Lagos.

Eight of 10 analysts surveyed in the past two days said the elections would only have a slightly negative impact on growth this year and next. Just two thought it would take a severe hit, and none said it would be neutral, positive or very positive. — Reuters