World Bank Backs services sector to lift Kenya's Economy
The World Bank is now backing up the service sector which is expected to increase economic growth in Kenya between 2022 and 2023.
World Bank Country Director for Kenya, said before the pandemic, a bulk of jobs created were concentrated in the services sector such as the retail sector where the number of formal jobs increased from around 700 in 2013 to 3,500 in 2018.
According to the 24th edition of the Kenya Economic Update, “From Recovery to Better Jobs,” by the bank, activities in the services sector have rebounded supported by a large increase in education output.
The services sector value-added rose by 9.2% year-on-year in the first half of this year compared to a contraction of 1.5% during the same period last year at the height of the pandemic.
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