8 °c
London
Thursday, April 15, 2021
No Result
View All Result
FurtherAsia FurtherArabia FurtherBrazil FurtherRussia
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Stanchart’s growth projection for EAC economies

Staff by Staff
February 24, 2020
in Africa, Banking, Economy, Finance, Government, Kenya, Report, Tanzania, Uganda
Reading Time: 2 mins read
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

According to the outlook report, the bank lowered Uganda growth forecasts to 6.0 per cent in 2020 and 6.2 per cent in 2021.

Stanchart released the outlook for the EAC three big economies – Uganda, Kenya and Tanzania.

According to the outlook report, the bank lowered Uganda growth forecasts to 6.0 per cent in 2020 and 6.2 per cent in 2021.

According to the report, although it is difficult to assess the full impact of the regional locust invasion, food prices have already been pressured due to flooding especially in eastern Uganda in December last year.

“We now expect the Bank of Uganda to keep its policy rate on hold at 9.0% throughout 2020 having previously seen scope for more easing,” said part of the report.

The report adds that they project the Bank of Uganda (BoU) will adopt a tighter policy stand to control inflation given the 2021 elections and the rising caution over the extent of the government’s public financing requirement.
Stanchart’s chief economist for Africa and the Middle East, Razia Khan said that Uganda’s fiscal policy challenges will remain centred on raising its low rate of revenue collection.

“Achieving sustained progress in revenue mobilisation, especially with elections approaching, has traditionally been a challenge,” Khan said.

In 2020, the bank expects Kenya’s economy to accelerate 5.8% with the loan rate cap removal and recent central bank easing boosting private-sector credit growth.

Although the recent locust invasion is a source of potential pressure on agriculture, Stanchart’s executives said that creating a firm base for sustained medium-term growth will matter much more.

Khan said that Kenya’s strength of its fiscal consolidation will be its key test in the years ahead.

“Encouragingly authorities have unveiled plans for further cuts to discretionary spending,” she said.

In Tanzania 2020, the bank expects a growth of 6.5 per cent from 6.6 per cent in 2019, with inflation forecast at 4.2 per cent from a low of 3.4 per cent in 2019.

While the bank said it has revised 2019 deficit forecast to 4.2% of GDP which previously was 5.6 per cent, it also sees it expanding in 2020 to 4.5 per cent (5.5%) of GDP due to higher imports.

“The (Tanzania’s) government’s blueprint to improve the business environment, accommodative monetary policy, and public infrastructure investment should support growth,” said Sarah Baynton-Glen, the bank’s economist for Africa.

Source: The Exchange

Related

Tags: africaBank of UgandaBoUGDPGross Domestic ProductKenyaMiddle EastRazia KhanSarah Baynton-GlenTanzaniaUgandaафрикаأفريقياアフリカ非洲
ScanSendShare320Tweet200Share56Pin72Send
Previous Post

Namibia central bank expects economy to grow in 2020 – governor

Next Post

London Stock Exchange recognises SA companies as crucial to the future of Africa’s economy

Staff

Staff

Related Posts

Credit Rating

Fitch increases Zambia’s credit rating to CCC

by Financial Insight Zambia
April 15, 2021
Natural Resources

Total postpones application for South Africa drilling

by Staff
April 15, 2021
South Africa signs Johnson & Johnson vaccine deal
Coronavirus

Botswana joins hands with private sector in COVID-19 vaccine procurement, rollout

by Staff
April 15, 2021
Zimbabwe Finance Minister begins roadshow to win over investors
Finance

Zimbabwe Finance Minister begins roadshow to win over investors

by Staff
April 15, 2021
Investing

BUA Group investing US$300M towards Nigeria’s sugar self-sufficiency

by Farmers Review Africa
April 15, 2021
Next Post

London Stock Exchange recognises SA companies as crucial to the future of Africa's economy

Commonwealth team to observe Mozambique elections

Commonwealth praises Botswana Parliament for standing orders

Mozambique Telecom lays out investment needs

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

2021 AFSIC
2022 Indaba Mining

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
CrudeMix Africa TechGist Africa Farmers Review Africa
Botswana unplugged Financial Insights Zambia Africa Oil & Power
Harambee Africa Novafrica  

Subscribe to FurtherAfrica

Enter your email address to receive notifications of new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

© 2021 FurtherMarkets

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?