East African economies face a decline in the value of goods and services produced in 12 months to December 31,2023, a new report said, citing a challenging macroeconomic environment characterised by rising inflation, depreciating currencies, rising commodity prices and tightened global financial conditions.
Financial advisers at the consultant firm Deloitte expect the overall GDP growth rate for the five EAC partners -- Kenya, Uganda, Tanzania, Rwanda and the Democratic Republic of Congo (DRC)—and Ethiopia to slow down to 5.7 percent this year, from 6.1 percent in 2022.
