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, National Treasury and Economic Planning, Prof. Njuguna Ndung’u, said the report provides details that are of practical use to policymakers, researchers, and research institutes looking to invest in the business community.
Speaking at the launch in Nairobi on Monday, the CS added that the document also indicates data on outcomes, policy failures, and the measures that would be taken during the period.
‘The most important thing is not only to understand the data, but also to appreciate its outcome and suggest some improvement,’ he said.
Prof. Ndung’u noted that Kenyans have great expectations, particularly at this time when the nation is seeking ways to improve economic recovery while stakeholders are moving into a position to protect the economic growth transformation.
CS ackn
owledged the importance of the economic survey, saying that it has been adopted as a basis for measuring the economic performance of critical indicators for critical sectors which have been aligned with the Medium-Term for the years 2023-2027 borrowed from Vision 2030.
Ndung’u said that growth poverty reduction strategy is needed since it is consistent with the new ideas that will come, which call for ways and means of igniting strong growth and sustaining it.
‘What has been more prevalent in markets that have failed to ignite growth is actually a problem of institution failure. That again is not going to show in the statistics,’ he noted.
The CS said institution failure should be checked and the origin of the results established to avoid market failure.
‘We need to do more than what we are seeing because we need to go into a totally different trajectory, including faster growth, strong growth, and function in markets,’ said CS while supporting the domestic resources organisation.
He said that the ideas
to generate, manage the resources, and manage the markets that people work in have failed.
Prof. Ndung’u urged Kenyans to ignite and protect economic growth so that the nation could have sustainable development, noting that people should use the economic survey data for direction.
He commended KNBS staff for working tirelessly to make the production of the annual report a success and development partners for their financial support and successful development activities.
The CS urged all stakeholders to take collective action, protect what is right, and ignite economic recovery.
Source: Kenya News Agency