Quarterly Economic & Fixed Income Market Review – 1Q24
As of February 2024, the cumulative diaspora remittances over the last quarter stood at USD 1.17bn, a 15.3% increase from USD 1.03bn recorded over the same period in 2023.
Global Markets 2023 Review and 2024 Outlook
Among the strongest performers in 2023 were technology stocks, recovering after a horror showing in 2022. Much of the stock market’s gains can be attributed to just a handful of companies, recently dubbed the “Magnificent Seven” namely Apple, Amazon, Alphabet, Meta platforms, Microsoft, Nvidia and Tesla.
Kenya: Will 2024 Be a Turning Point?
Despite the recent strengthening, the shilling is anticipated to encounter strain due to persistent demand for hard currencies amid limited supply. Nonetheless, we foresee a lesser degree of depreciation compared to the notable decline witnessed in 2023.