New oil finds in Kenya set to enhance economic diversity

While most African countries are bearing the brunt of the US-China trade war, as well as a slump in commodity prices which is greatly affecting exporters, East Africa’s economic diversity is still playing a key role in cushioning the region from shocks.

This is according to the latest report from ICAEW - the Institute of Chartered Accountants in England and Wales - Economic Update: Africa Q3 2019. The report provides GDP growth forecasts for various regions including East Africa which is set to grow by 6.3per cent, West and Central Africa at 3.4per cent, Franc Zone at 4.7per cent, and Southern Africa at 1.3per cent.