The 25th Ordinary Meeting of the East African Community (EAC) Monetary Affairs Committee said growth in the region had recovered in 2021 to an average of 4.2%, the community announced in a statement released Friday evening.
According to the communiqué issued after the meeting by the EAC headquarters in Arusha, northern Tanzania, the economic growth can be attributed to the easing of restrictions related to COVID-19, public investments and the good performance of the agriculture, services, construction and manufacturing sectors.
Growth in the region should improve thanks to a recovery in global economic activity with the easing of containment measures and the sustained implementation of measures to support growth, the statement added.
However, the statement said, downside risks remain elevated due to slowing global growth, rising geopolitical tensions and rising commodity prices.
The EAC is made up of six countries which are Burundi, Kenya, Rwanda, South Sudan, Tanzania and Uganda.