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Browsing: Institute of Chartered Accountants in England and Wales (ICAEW)
While most African countries are bearing the brunt of the US-China trade war as well as a slump in commodity prices which is greatly affecting exporters, East Africa economies have remained resilient.
This is on the region’s economic diversity which is playing a key role in cushioning the region from shocks, the latest report from ICAEW – the Institute of Chartered Accountants in England and Wales – Economic Update: Africa Q3 2019 indicates.
The report provides GDP growth forecasts for various regions including East Africa which is set to grow by 6.3 per cent, West and Central Africa at 3.4 per cent, Franc Zone at 4.7 per cent and Southern Africa at 1.3 per cent.
The report, commissioned by ICAEW and produced by partner and forecaster Oxford Economics, outlines how East Africa’s growth is mainly driven by strong performances in the two major economies, Kenya and Ethiopia.