ECONOMIC SURVEY 2023- KENYA
International Scene World real GDP growth decelerated to 3.4 per cent in 2022 from a growth of 6.0 per cent in 2021. The decelerated growth was as a result of post COVID-19 tightening of monetary policies in most regions, resurgence of COVID-19 in China and the Russia-Ukraine war that led to supply chain disruptions. The slowed growth was experienced in most countries including those in Advanced Economies as well as Emerging Markets and Developing Economies (EMDEs). The sanctions imposed against Russia, and the subsequent cessation of its gas supply to Europe, stifled growth in these economies. Growth in EMDEs was curtailed by among other reasons, the strengthening of the US dollar against most currencies and the COVID-19 epidemic in China which negatively impacted on global supply chains. Sub-Saharan Africa economy grew by 3.9 per cent in 2022 compared to a growth of 4.8 per cent in 2021 on account of a decline in household consumption and private investment resulting from rising global inflation and tightened monetary policies. The East African Community real GDP expanded by 4.9 per cent in the period under review compared to a growth of 6.7 per cent in 2021. World inflation rose from 4.7 per cent in 2021 to 8.7 per cent in 2022 on account of high energy prices, supply chain disruptions associated with the Russia-Ukraine war and significant currency depreciation, in most countries, relative to the US dollar which is the main international trading currency. Global trade volume expanded by 5.1 per cent in 2022 compared to 10.6 per cent growth in 2021. Global unemployment rate improved from 6.2 per cent in 2021 to 5.8 per cent in 2022 but remained above the pre-COVID (2019) levels. On the other hand, global labour force participation rate rose from 59.4 per cent in 2021 to 59.8 per cent in 2022.
SOURCE: Kenya National Bureau of Statistics
CLICK THE LINK BELOW