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Kenya Economic Update, December 2012 : Kenya at Work, Energizing the Economy and Creating Jobs

ACCOUNTING AGGREGATE CONSUMPTION AGGREGATE DEMAND ASSETS AUCTION BALANCE OF PAYMENTS BANK LOANS BANK RATE BANKING SECTOR BANKING SYSTEM BASIS POINTS BID BOND BORROWERS BROAD MONEY BUDGET CAPITAL ACCOUNT CAPITAL BASE CAPITAL FORMATION CAPITAL INFLOWS CAPITAL MARKETS CENTRAL BANK COMMERCIAL BANKS CONSUMER DURABLES CONSUMER PRICE INDEX CONSUMPTION CONTINGENT LIABILITY CONTRACT CORE INFLATION CREDIBILITY CREDIT EXPANSION CREDIT GROWTH CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT DEBT ACCUMULATION DEBT LEVEL DECLINE IN INFLATION DEMAND DEMAND FOR CREDIT DEPOSIT DEPRECIATION DISBURSEMENT DOMESTIC BORROWING DOMESTIC CONSUMPTION DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC INTEREST RATES DOMESTIC MARKET ECONOMIC GROWTH ECONOMIC SLOWDOWN EFFECTIVE EXCHANGE RATE EMERGING ECONOMIES EQUIPMENT EQUITY EQUITY MARKET EURO ZONE EXCESS LIQUIDITY EXCHANGE EXCHANGE RATE EXPENDITURE EXPORT COMPETITIVENESS EXPORT GROWTH EXPORTERS EXTERNAL DEBT EXTERNAL DEMAND EXTERNAL POSITION EXTERNAL SHOCKS FINANCE FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SAVINGS FISCAL BALANCE FISCAL DEFICIT FISCAL POLICY FISCAL POSITION FIXED INVESTMENT FLEXIBLE EXCHANGE RATE FOOD PRICES FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN FINANCING FOREIGN INTEREST FOREIGN INVESTMENT FOREIGN INVESTORS FUTURE GLOBAL DEMAND GLOBAL ECONOMY GOOD GOVERNMENT EXPENDITURE GOVERNMENT POLICIES GOVERNMENT REVENUE GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROWTH RATE HIGH INFLATION HOLDING HUMAN RESOURCE IMBALANCES IMPORT IMPORT PRICES INCOME TAX INFLATION INFLATION ENVIRONMENT INFLATION EXPECTATION INFLATION RATE INFLATION RATES INFLATIONARY PRESSURE INFRASTRUCTURE INVESTMENTS INSTRUMENTS INSURANCE INTEREST INTEREST PAYMENTS INTEREST RATE INTEREST RATE REGIME INTEREST RATE SPREAD INTEREST RATE VOLATILITY INTERNATIONAL INVESTORS INTERNATIONAL MARKETS INTERNATIONAL MONEY INTERNATIONAL MONEY MARKETS INTERNATIONAL PRICES INVESTING INVESTMENT OPPORTUNITIES INVESTMENTS IN GOVERNMENT SECURITIES INVESTOR INVESTOR CONFIDENCE LABOR FORCE LAND REFORM LAND VALUES LENDING LEVY LOAN LOCAL BOND MARKET MACROECONOMIC CONDITIONS MACROECONOMIC ENVIRONMENT MACROECONOMIC INDICATORS MACROECONOMIC INSTABILITY MACROECONOMIC POLICIES MACROECONOMIC SHOCK MACROECONOMIC STABILITY MACROECONOMIC VOLATILITY MARKET MARKET PARTICIPANTS MARKET TRADING MONETARY AGGREGATES MONETARY FUND MONETARY POLICY MONEY MARKET MONEY MARKET RATES NATIONAL SECURITY OIL PRICES OPEN MARKET OPEN MARKET OPERATIONS PENSION POLITICAL RISKS PORTFOLIO PORTFOLIO FLOWS POVERTY POVERTY REDUCTION PRIVATE CREDIT PRIVATE INVESTORS PRIVATE SECTOR CREDIT PUBLIC DEBT PUBLIC INVESTMENT REAL APPRECIATION REAL EFFECTIVE EXCHANGE RATE REAL EXCHANGE RATE RECESSION RECURRENT EXPENDITURE RELATED SHOCKS REMITTANCES REPAYMENT RESERVES RETURN REVENUE SAVINGS RATE SECURITIES EXCHANGE SECURITY SHARE SHORT TERM INTEREST RATES SHORTFALL STOCK STOCK EXCHANGE STRUCTURAL REFORMS SUPPLY SUPPLY SIDE TAX TIGHT MONETARY POLICY TOTAL CREDIT TRADE CREDIT TRADE SECTORS TRADING TRADING PARTNERS TRANSACTION TRANSACTION COST TRANSACTIONS TREASURY TREASURY BILL TREASURY BILL RATE TURNOVER UNCERTAINTY WEALTH CREATION WORKING CAPITAL WORLD CURRENCIES
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World Bank, Nairobi
Africa | Kenya
2017-05-19T15:02:17Z | 2017-05-19T15:02:17Z | 2012-12

Kenya withstood another difficult year in 2012 as policy tightening and weaker global demand slowed economic activity. With decisive fiscal and monetary policies, the government managed to restore confidence in Kenya's medium term prospects. Kenya's growth rate is still below its potential and its peers, external imbalances remain which threaten its future growth, and the pace of economic growth is not generating enough modern sector wage jobs. With the passage of the new constitution in 2010 and its implementation, stronger institutions are emerging, putting Kenya on a sound footing ready to take off. In the very short term, what remains to be done is for Kenya to deliver a credible and peaceful election in March 2013, and thereafter a smooth transfer of power. In the medium term, Kenya will need to start building a stronger foundation for growth, and undertake structural reforms to correct the external imbalances. To generate more jobs for the burgeoning educated youth population, Kenya will also need to reduce the transaction cost for firms, by reducing job-smothering corruption and the cost of doing business (particularly in transport and energy).

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