Kenya has overtaken Angola as the third-largest economy in Sub-Sahara Africa.
A Bloomberg news report quoting International Monitory Fund says Kenya overtook Angola as the third-largest economy in Sub Saharan Africa, based on fresh estimates released Friday.
Kenya, led by Uhuru Kenyatta, is East Africa’s largest economy. It has been the fourth largest economy in the Sub-Sahara Africa. Overtaking Angola to become third-largest economy in dollar terms, is a strong vote of confidence in the Kenyan economy and the country’s leadership.
Kenya now is behind Nigeria (1) and South Africa (number 2).
Angola, an oil economy, has been contracting every other year since 2016 as its oil output declined.
It’s currency too, the kwanza, was devalued in 2019 while Kenya’s shilling held steady.
The coronavirus pandemic and restrictions to limit its spread will probably see Angola’s gross domestic product contract 1.4 percent in 2020, while Kenya’s is projected to grow by one percent, according to the IMF report.
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