East African Community (EAC) central bank governors expect regional economy to withstand prevailing global shocks to post a stronger economic growth of 5.8pc this year.
During the EAC Monetary Affairs Committee (MAC) meeting held on Friday in Mombasa, Kenya, the committee noted that despite heightened trade tensions and geopolitical concerns, regional economies have remained resilient supported by better performance in agriculture, services, mining and oil and gas sectors.
“The growth outlook will be supported by expected continued strong performance in agriculture and services sectors. In addition, supportive government policies and macroeconomic stability are expected to provide impetus to growth,” said the committee.
However, growth could be derailed by global trade tensions triggered by the US reciprocal tariffs announced early last month affecting more than 100 countries as well as geopolitical tensions which have emerged in frica, Europe and the Middle East.
MAC also expects inflation in member states to continue easing from the average of 9pc reported in last year.
