A new year comes with loads of expectations and positive energy. Many people are looking to salvage what they would have not achieved in the past year, while others are eager to do better than they did.
2023 was a critical year. The world’s economy was highly shaken with fears of recession across the globe. The Kenyan shilling experienced a huge blow and closing at 155 shilling against the US Dollar is a clear indicator of the higher degree of stability of Kenya’s economy.
But despite the economic uncertainty, Kenyans and the world remain steadfast in seeing a better 2024. According to the Harvard Business Review, the Global Economy seems to be doing much better than expected.
However, the economic outlook remains unclear. Higher interest rates are quickly taking precedence in the world’s systems, while wars and climatic disasters seem to be sending shock waves across the world. In addition, the earth’s climate is reaching a new crisis level, meaning we need to think more about harnessing the world’s efforts to go green.
On the brighter side, Kenya’s economy is projected to grow by 6% in 2024. A source indicates that this growth will be powered by the agricultural and service sectors.
Kenya is also growing towards becoming a Visa-free country in 2024. President William Ruto announced the move during Kenya’s 60th Jamhuri celebrations, adding that all visitors coming to the country will only need to obtain an electronic travel authorization.
The announcement, which the president termed as historic, is an attempt to embrace globalization and spur socio-economic development. While there are still loads of questions as to whether the move will favor the country, the president insisted that the electronic travel authorization system is strict enough to sieve visitors with malicious intent.
Kenya’s annual inflation is also expected to ease in 2024. The inflation which was at its peak in March 2023 at 9.2% is expected to ease to 6.8% by the end of 2024. While the banks will continue facing challenges due to delayed payments of bad loans, most countries are positively demonstrating resilience, as supported by high commodity prices.
These are just a few things to expect in 2024. Let’s just things are not looking so bad and let’s stay positive about 2024. And as we always say here, time will tell. Wishing you a prosperous 2024 full of unlimited opportunities.