NAIROBI - The future of the East African Community (EAC) regional bloc looks bright - buoyed by the ongoing integration process and economic recovery - a section of financial experts have said.
Besides the benefits to be accrued from the implementation of the East African Common Market Protocol, the 126 million-people region are currently enjoying better agricultural production and a stable macroeconomic environment characterised by low inflation and interest rates.
“After a sluggish economic growth over the last two years, regional economies are poised for recovery. Kenya, Uganda, Tanzania and Rwanda are all expected to grow in excess of five percent,” observed PineBridge Investments Senior Investment Manager Peter Wachira adding that the bloc’s export sector was likely to benefit from the recovery of the global economy.
The continued implementation of the fiscal stimulus package that could support high consumption demands coupled with the heavy investments in infrastructure would further stimulate economic growth, he said.
The analyst pointed out that although there were obvious challenges in the regional integration, the EAC Protocol is a ‘workable and beneficial concept’ that could spur economic growth for East Africa.