World Bank upbeat on Kenyan Economy
The World Bank has forecast that 2012 could be a defining year for the Kenyan economy if it can overcome political challenges.
Following the launch of the latest Kenya Economic update, a World Bank report said that despite facing challenges including elections, the establishment of a new system of devolved government and the possibility of a deteriorating global economy, the “surging” information and communications technology field could boost the performance of a number of sectors, including transport and agriculture.
“Africa is on a growth path, but Kenya, particularly, has two advantages,” Wolfgang Fengler, the World Bank’s lead economist said. “(These advantages are) great people and a great location.”
“We have recently launched the new, latest Kenya Economic Update and we know we have quite a big online community following us,” Fengler said.
“This is the first experience for us to interact with that community.”
Key questions asked during the debate included what can Kenyans expect from the surging information and communications technology field and whether the country will always have to rely on foreign aid and it needs to do to attract more investors.
The economic update calls 2012 a “defining year” for Kenya.
Mr Fengler said the country had the potential to prosper, with the ICT sector having grown by 20 per cent per year over the last 10 years.
He explained that ICT was improving the performance of various sectors such as transportation, infrastructure and agriculture.
Beyond ICT, Mr Fengler described business opportunities in other sectors including its role as one of the leading producers of tea.