Originally forecasted to grow at 5.1%, Kenya’s Economic Secretary at the Ministry of Finance Geoffrey Mwau said that the figure has been recalculated and projects the East African country’s economy to grow by 6% in 2011.
"We are looking at a growth of 6.1% for the fiscal year 2011/12, and for the calendar year just about 6 percent. Our aim is now to get back to the 10% growth trajectory in the next three years," Mwau told Reuters.
However, businesses have been complaining of unreliable energy supplies which some say deter growth and capital. The Kenyan government has begun implementing tools in order to up its power generation to ensure economic growth. The government has requested that the German-owned development bank KfW consider financing a risk mitigation fund to facilitate geothermal exploration.
Mwau predicts that the shilling will be stable to the dollar in 2011.
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