Kenya Leads Sub-Saharan Africa in Economic Growth - World Bank
According to a recent World Bank report on Kenya's poverty and equity assessment for 2023, the country has experienced notable economic growth in the past decade, surpassing its Sub-Saharan African counterparts.
Kenya has achieved an impressive growth rate of 7.6% despite the obstacles presented by the COVID-19 pandemic. This surpasses the average growth rate of Sub-Saharan Africa. The services sector played a major role in propelling this growth, accounting for nearly 70% of the country's overall economic expansion. According to the report, services emerged as the dominant force among the ten sectors with the highest growth rates from 2012 to 2021, with construction being the only exception.
This underscores the increasing importance of the services sector as a key driver of economic growth in Kenya. Furthermore, the report outlined that Kenya successfully reduced poverty during the same period. However, the emergence of the COVID-19 pandemic halted this progress. The report indicates that the most substantial poverty reduction occurred between 2005/06 and 2015/16, with a decline of 10.5 percentage points from the initial poverty rate of 46%.
IN 2023, the percentage of the population living in poverty in Kenya decreased to 36.1%. Additionally, the country experienced a significant increase in GDP per capita growth, reaching 2.05%. Kenya, known for having the highest Human Capital Index score in mainland Sub-Saharan Africa, has made impressive strides in developing human capital and expanding access to essential services, both of which are crucial for promoting inclusive growth. According to the report, the availability of healthcare services in the country has led to notable improvements in health outcomes, contributing to the overall advancement of human capital.
In addition, the report points out that the progress in fostering human potential in Kenya can be credited to the ongoing decline in the number of households where children are not receiving an education, along with the rising enrollment rates in secondary schools. Likewise, the report underscores the enhanced availability of essential services throughout the nation, as evidenced by the diminishing divide between rural and urban areas and the narrowing of the wealth gap. The report also reveals an increase in the percentage of households using improved water sources and sanitation facilities. While access to electricity has significantly improved in urban areas, rural areas still face significant limitations in this regard.
Comments (5)
Who compiles some of these reports .Kenyans are worse off now than at independence when there was much hope when the Brits were sent packing.Now everyone is looking for a way out because of the high cost of living and unemployment rate.Exporting your workforce to do menial jobs in other countries is not a sign of development .Landlords requesting to be paid in dollars because the shilling is becoming so worthless is definitely not a sign of progress
I hate these dictator wb and Imf institutions that are responsible for poverty enhancing programs in weak nations. They are all about money for their pockets and more debt pain to the poor. But Africa nations have a responsibility to come together and realize that solutions is within them. East and West didn't develop by having outside nations dictate to them or lend them money. If Africa could process and sell their own mineral and agri products from their own capitals they would do great. Cocoa, tea, coffee, oil, diamonds etc are auctioned in London, Zurich, Dubai etc.
Maybe they are confused, mixing up corruption with economic growth! TZ and UG have high quality roads at half of the price our shìthole under par infrastructure!!!
I was in Kenya recently and drove through Mwea to Embu and Meru. Roads maintenance has slipped since the much maligned Kenyatta left office. It made no sense since both Waiguru and Gachagua have have driven on these roads
I’m not surprised at all! They can build all they want but if they don’t have a long term strategy to maintain those roads, eventually it’s back to square one! Most of the roads are substandard but have costed an arm and a leg to construct due to corruption! TZ and UG, have high standards roads like you find in developed countries, and yet constructed at half what KE spends (read loots)!!!