This website uses cookies to improve your experience while you navigate through the website. This has catapulted Kenya past Ethiopia, Ghana and Tunisia. Kenya could be the first EAC country to reach Middle Income status by 2020, but only if it achieves its potential of about 6 percent uninterrupted economic growth. Kenya is a lower-middle income economy. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. Necessary cookies are absolutely essential for the website to function properly. But opting out of some of these cookies may have an effect on your browsing experience. Sorry, your blog cannot share posts by email. On Tuesday, Kenyan Planning Minister Anne Waiguru announced that Kenya’s gross domestic product (GDP) is 25 percent larger than previously thought after it was recalculated using updated statistics. To do that, Kenya’s GNI would have to increase five-fold from $1,160 per capita to $5,600, the World Bank’s projected threshold for upper middle income status in 2030. Kenya has crossed the threshold to become a low-middle income country following the rebasing of its National Accounts, including gross domestic product and Gross National Income The size of the economy is 25% larger than previously thought, and Kenya is now the 5th largest economy in Sub-Saharan Africa behind Nigeria, South Africa, Angola and Sudan East Africa's largest economy, Kenya has a set of ambitious targets in its bid to become a middle-income country by 2030. It aims to transform Kenya into “a newly-industrialising, middle income country providing a high quality of life to all its citizens in a clean and secure environment". Over the weekend, President Kiir’s government reportedly agreed to implement a federal system of governance in the country as called for by rebel negotiators, signaling a promising step towards a political settlement. Expectations High as Senate Meets to Consider Tea Reforms, Real Estate Firm Changes Lives of Differently Abled Kenyans, End of Sonkoism? We'll assume you're ok with this, but you can opt-out if you wish. Kenya was reclassified as a middle-income country in early October, but as this east African nation comes to terms with its new ranking, it is becoming clear … Only four short years ago, he was grappling with uncertainty after being forced to drop out of college due to financial constraints. Approximately 10 million … The aim of Kenya Vision 2030 is to create “a globally competitive and prosperous country with a high quality of life by 2030”. This could give the government some leeway for more borrowing to help finance its plans. Since 2014, Kenya has been ranked as a lower middle income country because its per capita GDP crossed a World Bank threshold. Affordable Housing for low & middle income earners in Nairobi 3 1.1 Basic General Data Geography and Administration Kenya is situated in the Eastern part of the African continent, between 5 degrees North and 5 degrees South latitude and 24 and 31 degree East longitude. The programme is guided by Kenya Vision 2030, the country’s economic development blueprint that aims to transform Kenya into a newly industrializing, “middle-income country providing a high-quality life to all its citizens by the year 2030”. Mongolia and Paraguay move from lower middle … While Kenya has a growing entrepreneurial middle class and steady growth, its economic development has been impaired by weak governance and corruption. Kenya, Nigeria and 11 other countries have been listed under the Lower Middle-Income Countries by the United Nations Industrial Development Organisation (UNIDO) in a report submitted to the just concluded G20 Summit held in China. Its economic growth is expected to continue at an annual average rate of 5.9 per cent over the next five years. Your email address will not be published. This category only includes cookies that ensures basic functionalities and security features of the website. Direct discussions between representatives of the warring parties in South Sudan are taking a positive turn, according to the Sudan Tribune. The country has enjoyed relative robust growth for much of the 2003-2013 decade. This week the Mo Ibrahim Foundation released the 2014 Ibrahim Index on African Governance, highlighting incremental improvement in principles of good governance across the continent.