Kenya is the economic, financial, and transport hub of East Africa. Kenya’s real GDP growth has averaged over 5% for the last decade. Since 2014, Kenya has been ranked as a lower middle income country with a Gross Domestic Product in excess of USD 100 billion making it one of the largest non-oil producing economy in Africa.
The Country offers one of the best foreign investment climates in the wider East African region, Over 2015-2019, Kenya’s economic growth averaged 5.7%, making it one of the fastest growing economies in Sub-Saharan Africa. The performance of the economy has been boosted by a stable macroeconomic environment, positive investor confidence and a resilient services sector.
Kenya’s economy is market-based, with a few state-owned infrastructure enterprises, and maintains a liberalized external trade system. The country is generally perceived as Eastern and central Africa’s hub for Financial, Communication and Transportation service, with a well-developed social and physical infrastructure.
The government is currently implementing “Vision 2030”, a development agenda that is aimed at transforming the country to a upper middle-income economy by the year 2030. The vision is being implemented through five-year medium-term rolling plans. Additionally, the present administration has selected four sectors to focus on in order to uplift the economy. These are: Universal Healthcare; Affordable Housing; Manufacturing and Infrastructure development.
Kenya, just like many other economies across the world has been negatively affected by the outbreak of Covid-19 in early 2020. A rebound is however expected once the covid-19 containment measures are lifted and all the sectors of the economy are open.