The World Bank projects that the Kenyan economy will grow by 5.7 per cent in
2013 supported by higher investment and low interest rates.
The
World Bank Kenya Economic Update launched Monday attributes the higher growth
compared to 4.7 per cent in 2012 to a stable macroeconomic environment, the
peaceful elections in March 2013, and smooth transition of political power.
The
Gross Domestic Product (GDP) is expected to improve further to 6 per cent in
2014.
“The
government needs to create an enabling environment for private sector-led
growth by continuing to invest in infrastructure, increasing domestic energy
production, removing bottlenecks to doing
business and sustaining sound monetary and fiscal policies,” said World Bank Country Director for Kenya Diarietou Gaye.
business and sustaining sound monetary and fiscal policies,” said World Bank Country Director for Kenya Diarietou Gaye.
World
Bank notes however that while the economy is still operating below its
potential, remaining vulnerable to external shocks which undermine growth
prospects and efforts in poverty reduction. This can be cushioned however by
increasing both domestic and foreign savings, the report adds.
The
report also highlights Kenya’s
economic inequalities. While the average Kenyan is healthier, more educated and
receives better infrastructure services than a decade ago, it says a large
fraction of the population continues to live in fragile conditions with
sub-standard access to water, sanitation and energy especially in the north and
north east.
The
Bank urges the government to focus on job creation, enhanced productivity of
smallholder farms, strengthening cash transfer programs and targeted public
spending programs to reduce poverty.
Source: Business Daily.
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