KNBS economic research report 2024 launched – Kenya News Agency

The Kenya National Bureau of Statistics (KNBS) has launched the Economic Survey Report for the year 2024 with the aim of protecting economic transformation growth and ensuring the availability of quality data.

The Cabinet Secretary in the National Ministry of Finance and Economic Planning, Prof. Njuguna Ndung’u, said the report contains details that are of practical use to policy makers, researchers and research institutes looking to invest in business.

Cabinet Secretary, National Treasury and Economic Planning Prof. Njuguna Ndung’u speaking during the launch of the 2024 Economic Survey Report on Monday, May 20, 2024 at the Kenyatta International Convention Centre, Nairobi. photo by Sharon Atiëno

Speaking at the launch in Nairobi on Monday, the CS added that the document also contains data on the outcomes, policy failures and the measures that would be taken over the period.

“The most important thing is not only to understand the data, but also to appreciate its results and propose some improvement,” he said.

Prof. Ndung’u noted that Kenyans have great expectations, especially at this time when the country is looking at ways to enhance economic recovery while putting stakeholders in a position to protect the transformation of economic growth.

Recognizing the importance of the economic survey, CS said it has been adopted as a basis for measuring the economic performance of critical indicators for crucial sectors aligned with the medium term for the years 2023-2027, taken from Vision 2030.

Ndung’u said a poverty reduction strategy is necessary because it is consistent with the new ideas that will come, which call for ways and means to fuel and sustain strong growth.

“What is more common in markets that have failed to stimulate growth is actually a problem of institutional failure. Once again, this will not be reflected in the statistics,” he noted.

The CS said that institutional failures must be monitored and the origin of results identified to avoid market failures.

“We need to do more than what we see because we need to take a completely different path, including faster growth, strong growth and functioning in the markets,” CS said while supporting the domestic resources body.

He said ideas to generate and manage resources and manage the markets in which people work have failed.

Prof. Ndung’u urged Kenyans to fuel and protect economic growth so that the country could achieve sustainable development, noting that people should use the economic survey data as a guide.

He praised the KNBS employees for their tireless efforts to make the preparation of the annual report a success and the development partners for their financial support and successful development activities.

The CS urged all stakeholders to take collective action, protect what is good and drive economic recovery.

By Sharon Atiëno