The speedy recovery is largely attributed to public investments and strong performance in the productive sectors.
The growth (in 2021) was also largely supported by increased removal of Covid-19 related restrictions, mainly in the travel sector.
Compared to 2021, projections are that the economic growth in the East African Community (EAC) bloc will decrease to 5.3 percent this year.
However, the growth will be on an upward trend again, hitting 5.7 percent next year (2023), according to projections seen by The Citizen.
The EAC budget estimates for 2022/23 fiscal year were tabled before the East African Legislative Assembly (Eala) on Thursday last week.
The regional organisation intends to spend a total of $91.5 million, out of which $37.4 million will be raised by the development partners.
The chairperson of the EAC Council of Ministers, Ms Betty Maina, said the region was now threatened by rising food and fuel prices.
“The speedy recovery experienced beyond the Covid-19 pandemic is under threat because of Russian-Ukrainian conflict,” she said.
However, Ms Maina, who doubles as Kenya Cabinet Secretary for Trade, Industrialisation and Enterprise Development, said the bloc was optimistic on recovery.
“Key projects are back on the rails with resumption of global economic activities and the easing of containment of Covid-19 measures,” she said.
Under the Single Customs Territory, the region has decreased the processing time for goods at borders amid seamless exchange of trade information.
The new Common External Tariff (CET) recently adopted has repositioned EAC as a major player in international trade and in intra-regional trade.
The four-band nomenclature of 0 percent, 10 percent, 25 percent and of 35 percent will not only promote product capacity, industrialisation and value chain development but also consumer welfare.
There will also be revenue protection, expansion of regional trade alongside creating employment opportunities through product diversification and value addition.
It is also believed the reviewed CET will create new opportunities in the informal sector as well as promoting regional food security and rural development.
