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Improving economies

14 Sep

An article i read  earlier this week had interesting facts and figures regarding remittances and stated that Kenyans living abroad sent home $52.7 million in April, an increase of 9.6 percent from a year earlier.This was largely due to the fact that the economies of countries that contribute the bulk of remittances improved and in turn increased our inflows in the last four months.

The pick-up in April 2010 can indirectly be attributed to improving economic conditions in the regions of origin and improved prospects for economic recovery at home. Kenyan residents of North America and Europe together provide 82 percent of remittance flows to the East African country.Economic growth in Kenya, East Africa’s largest economy, may accelerate 4 percent this year and 5 percent next year as improved rainfall boosts agricultural output and stable power supplies help manufacturers.

The economy of Kenya, which relies on agriculture expanded  last year amid a prolonged drought, and since Kenya is the world’s largest exporter of black tea we will see an improvement in the economy as improved rainfall boasts agriculture.


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