Emerging Markets Update: Kenya & South Africa
Market analysts expect Kenya’s economy to grow by less than 2.5% this year as the nation's tourism and SME sectors continue to suffer from the effects of the coronavirus pandemic | Finance Minister Ukur Yatani said the government is forecasting a 6% rebound in the medium term | As the Kenyan shilling remains under pressure despite the country securing $750m from the World Bank earlier this week for developmental projects; it remains to be seen whether the government's forecasts will come true
The Rand gained ground against the U.S. dollar shaking off negative news on the South African economy | This improvement in the Rand's fortunes could swing into reverse if the SARB cuts interest rates next week | Such a cut would be aimed at stimulating the economy, following the historic contraction in the economy in Q2
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