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Economic & Sector Work :: Policy Note

Kenya : Accelerating and Sustaining Inclusive Growth

ACCESS TO CREDIT ACCOUNTING AGRICULTURAL OUTPUT AGRICULTURE ARREARS AVERAGE GROWTH AVERAGE INTEREST AVERAGE INTEREST RATE BAILOUTS BANK BRANCHES BANKING SECTOR BANKING SYSTEM BANKS BENCHMARK BENCHMARKING BID BONDS BORROWINGS BUSINESS CLIMATE BUSINESS COMMUNITY BUSINESS ENVIRONMENT BUSINESS PLANS BUSINESS RISK CALCULATIONS CAPITAL EXPENDITURE CAPITAL FORMATION CAPITAL MARKETS CAPITAL STOCK CAPITAL SUBSIDIES COLLATERAL COLLATERAL REQUIREMENTS COMPARATIVE ADVANTAGE COMPETITIVE ADVANTAGE COMPETITIVE BIDDING COMPETITIVENESS COMPREHENSIVE STRATEGIES CONSUMER CONSUMER CREDIT CONTINGENT LIABILITIES CONTRIBUTION CORPORATE GOVERNANCE COUNTRY RISK CREDIBILITY CREDITWORTHINESS CURRENCY COMPOSITION DEBT ARREARS DEBT RATIO DEBT SITUATION DEBT SUSTAINABILITY DEPOSITS DEPRECIATION DEVELOPMENT STRATEGY DIRECT COSTS DIVERSIFICATION DOMESTIC BORROWING DOMESTIC DEBT ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC EXPANSION ECONOMIC LIBERALIZATION ECONOMIC MANAGEMENT ECONOMIC OUTCOMES ECONOMIC OUTLOOK ECONOMIC POLICIES ECONOMIC SURVEYS ENABLING ENVIRONMENT EQUIPMENT EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORTS EXTERNAL DEBT EXTERNAL SHOCKS FINANCIAL EXPOSURE FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SUPPORT FISCAL DEFICIT FISCAL DISCIPLINE FISCAL POLICY FISCAL SURPLUS FISCAL SURPLUSES FIXED CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FUTURE GROWTH GDP GDP PER CAPITA GLOBAL ECONOMY GNP GOVERNANCE ISSUES GOVERNMENT DEBT GOVERNMENT INDEBTEDNESS GOVERNMENT INVESTMENT GOVERNMENT INVOLVEMENT GOVERNMENT POLICIES GOVERNMENT SECURITIES GROSS FIXED CAPITAL FORMATION GROWTH POTENTIAL GROWTH RATE GROWTH RATES HEALTH SPENDING HOUSEHOLD EXPENDITURES HUMAN CAPITAL HUMAN DEVELOPMENT INCOME INCOME GROWTH INCOME INEQUALITY INCOME LEVEL INCOMES INDEBTEDNESS INFLATION INFORMATION TECHNOLOGY INTEREST PAYMENTS INTEREST RATE INTEREST RATE SPREAD INTEREST RATE SPREADS INTEREST RATES INTEREST RATES ON TREASURY BILLS INTERNATIONAL TRADE INVESTING INVESTMENT CLIMATE INVESTMENT CLIMATE ASSESSMENT INVESTMENT HORIZONS INVESTMENT PROJECTS INVESTMENT RATE INVESTOR CONFIDENCE LABOR FORCE LABOR MARKET LEVIES LOCAL CURRENCY LOW-INCOME MACROECONOMIC CONDITIONS MACROECONOMIC POLICY MACROECONOMIC RISK MACROECONOMIC RISKS MACROECONOMIC STABILITY MARKET ACCESS MARKET ECONOMY MARKET LEADERS MARKET PRICES MARKETING MICRO-DATA MICROECONOMIC ANALYSIS MOBILE PHONES MONETARY CONTROL MONETARY POLICY NATIONAL DEVELOPMENT NATIONAL EXPORT OPPORTUNITY COSTS PENSION PER CAPITA INCOME POLICY CREDIBILITY POLITICAL RISK POLITICAL STABILITY POLITICAL UNCERTAINTY PRIVATE INVESTMENT PRIVATE INVESTORS PRIVATE SAVINGS PRODUCTIVITY GROWTH PROFIT MARGINS PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC FUNDS PUBLIC GOODS PUBLIC INVESTMENTS PUBLIC SECTOR DEBT PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIPS REAL EXCHANGE RATE REAL EXCHANGE RATES REAL GDP REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES REMITTANCES RESERVE RESUME RETURN RETURNS RISK PREMIUM SALES SAVINGS SAVINGS RATE SECONDARY SCHOOL SEIGNIORAGE SENIOR SKILLED WORKERS SMALL BUSINESSES SMALL ENTREPRENEURS SOLVENCY STAKEHOLDERS STOCK DATA STOCKS STRATEGIC INVESTORS SUSTAINABLE DEVELOPMENT T-BILL T-BILL RATE T-BILLS TARIFF BARRIERS TAX TAX COLLECTION TAX RATES TAXATION TELECOMMUNICATIONS TOTAL COSTS TOTAL DEBT TOTAL FACTOR PRODUCTIVITY TRADE LIBERALIZATION TRADE POLICY TRADING TRADING COSTS TRANSACTION TRANSACTION COSTS TRANSPARENCY TREASURY TRUST FUND UNEMPLOYMENT URBAN UNEMPLOYMENT VIRTUOUS CYCLE WAGES WTO
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Washington, DC
Africa | Kenya
2014-07-18T22:48:53Z | 2014-07-18T22:48:53Z | 2008-07

This report focuses on what needs to be done in the next five years to realize a significantly higher growth potential and sustain high growth in Kenya. The challenge before Kenya and the new government is to take the economy to the next phase of development. The report attempts to do this in two ways. First, it applies the insights from the recent empirical work and experience in other high growth countries to Kenya to propose a growth strategy. The strategy, so developed, will validate and likely help sharpen the broad thrust and direction of the ongoing reform efforts. Second, it drills down selectively into certain aspects of the growth strategy to generate a set of specific policy and institutional reforms. The net result is a reform agenda consisting of detailed policy actions that are expected to add up to a well-articulated growth strategy. Apart from influencing government action, the report is also expected to influence thinking about growth in policy circles outside the government. In its analysis, the report draws upon the state-of-the-art thinking on the issues of growth, which is going through considerable rethinking among economists and practitioners. Among several departures from the conventional view, the new thinking shies away from providing prepackaged answers to an economy's problems and emphasizes country-specific analysis instead. Similarly, the focus has shifted from identifying correlates of growth at a macroeconomic level (as in growth regressions), to identifying constraints to growth at a microeconomic level. This report reflects this shift in thinking and draws mainly upon analysis specific to Kenya (such as growth diagnostics and investment climate assessment) to arrive at conclusions relevant to policy choices. This report reinforces the findings of the Vision 2030 document in several areas, adds value in many others, and modifies some. Most significantly, this report agrees with the Vision that tourism, manufacturing, and service sectors based on Information and Communication Technology (ICT) are likely engines for growth. However, this report is much less emphatic than Vision 2030 about the sectors (identified winners and flagship projects) on which government should focus for delivering the aspired growth. The emphasis of the report is instead on generic economy-wide reforms aimed at reducing business costs and improving productivity.

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