Kenya is at risk of seeing an additional 2.4 million people fall below the poverty line by the year 2026, according to a new report from the World Bank.
The Bank attributed this trend to factors such as the rising cost of living, rampant inflation and the additional economic constraints facing families across the country.
Many households, the report noted, have struggled to cope with rising prices for staples such as food, transportation, housing and other necessities, making lower-income families especially vulnerable to poverty.
The report comes at a time when there is evidence that the economy is growing in parts, suggesting that the recovery has not occurred equally among Kenyans. Some sectors have experienced growth even as many people continue to suffer from reduced income and declining purchasing power.
According to economists, the report highlights the importance of creating good jobs and enhancing social safety net programmes while managing inflation effectively.
As pointed out by the World Bank, targeted government measures play a critical role in shielding the poorest families from the impact of economic shocks and ensuring that development results in improved living conditions.
This warning comes as the Kenyan government continues to pursue economic reforms designed to stabilize fiscal issues, boost tax revenue, and stimulate investments. Nevertheless, experts warn that in order to prevent more people from falling below the poverty line, sustained economic growth may not be enough, as long as inflation and costs of living remain high.
For millions of Kenyans grappling with poverty, the new report is disconcerting, stating that unless cost-of-living pressures are eased and income levels rise, poverty levels may continue to increase in parallel with economic expansion.
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