But it has the confidence that Kenyans will rise to the challenge as they have done often before. years. This pillar basically seeks to improve the economic performance of the Kenya. Vision 2030 is Kenya's current blueprint for the future of economic growth. The African Economic Outlook 2020, titled: Developing Africa’s Workforce for the Future states that Kenya’s GDP grew by an estimated 5.9 per cent in 2019 down from 6.3 per cent in 2018, mainly due to unfavourable weather and reduced government investment. Kenya’s economy remained one of the strongest economies in Africa recording a GDP of Kshs. Recent macroeconomic and financial developments Kenya’s economy has been hurt by the COVID–19 pandemic. To do this, it aims to transform Kenyan industry while creating a clean and secure environment. ... (measured by total real GDP) in 2030 relative to 2006 increases by 680% for the scenario . The Kenyan Vision 2030 to build a prosperous country whose GDP is projected at 10% should be supported by a plan, this is provided for by the Kenyan National ICT Master plan and this can be achieved through the goodwill of the government, where there is economic freedom and prices of materials mainly in the technology sector are fair hence more production from various sectors of the … Spending on infrastructure and debt servicing would increase Kenya’s debt, the Parliamentary Budget Office said in a January 2021 report. Context The Kenyan economy is dependent on the performance of the Agricultural sector which directly contributes about 25% of the country’s GDP and about 27% indirectly through linkages to agro-based industries and the service sector. 4 billion (US$ 77.494 billion) and growing at 4.9 % in 2017. The budget office supports parliament’s oversight function through research. Keynote address by Professor Njuguna Ndung'u, Governor of the Central Bank of Kenya, at the AON Kenya Insurance Brokers seminar on "Financial sector contributions towards vision 2030 goals" Nairobi, 20 November 2014. The 2030 horizon also has a special meaning for Kenya’s economic development, not least because its own development strategy is anchored in Vision 2030, Kenya’s aspiration to become a vibrant middle-income economy in the next 17 years. Global GDP is expected to increase by 2030, but the gap between the richest and poorest economies is set to stay almost the same. Tea and horticulture are the leading export earners for Kenya. Growth is supported by agriculture, while weaknesses in services and industry have had a dampening effect. The motto for the campaign speaks for it self: In particular Kenya Vison 2030 provides a road map to making Kenya a middle income country and includes Kenya Vision 2030 is the long-term development blueprint for the country. The vision’s aim is to create a globally competitive and prosperous country with a high quality of life by the year 2030. World Economics makes available of world’s most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2020, building on the lifetimes work of Angus Maddison. Average real GDP growth of SSA’s 10 fastest-growing economies (%), 2016f-2017f Source: IMF, 2016 The Kenya National Bureau of Statistics (KNBS) reported that the country’s GDP grew by 5.6% in 2015 compared to 5.3% in 2014. Kenya’s real GDP growth has averaged over 5% for the last decade. Kenya also has one of the largest and most developed dairy sectors in sub-Saharan Africa. In 2020, GDP growth is expected to decelerate to 1.4% from 5.4% in 2019. Its economic growth is expected to continue at an … Kenya’s vision 2030 is the countries development program, launched on 10th January 2008 by the 3rd President of Kenya, Mwai Kibaki. The World Bank’s work in Kenya supports the government’s Vision 2030 development strategy, which aims to accelerate sustainable growth, reduce inequality, and manage resource scarcity. 2.1 The state of inequality in Kenya over time 4 2.2 Drivers of inequality in Kenya 5 2.3 A structural explanation for inequality in Kenya 6 3. Kenya is one of the few countries to develop geothermal energy: by 2040, it accounts for almost 50% of Kenya’s power generation in the STEPS. Vision 2030 is a product of a highly participatory, consultative and inclusive stakeholders process that was carried out between October 2006 to May 2007. This makes Kenya the fifth-fastest growing and the most sizable economy in the top 10 SSA growth economies. 15. Vision 2030 includes increasing manufacturing from 11 percent of Kenya’s GDP to 20 percent of its GDP and focuses on developing its oil, minerals, tourism, infrastructure and geothermal sectors. This visualization by Aron Strandberg uses data from the ERS International Macroeconomic Data Set to show the change in global GDP distribution between 1970 and 2030 looking at the United States, China and India. Kenya’s future offers a wealth of opportunities, as well as some significant challenges. Kenya became a low-middle-income country in 2014. Debt may reach 100% of GDP by 2030 . 850 times 1.12 (with 12 being 12% growth yearly in per capita income) and raised to the 18th power would give you $6,455 per capita by 2030. The sevenfold increase in electricity demand in the AC relies on expansion of geothermal production (an increase to 4 … To achieve this, Kenya’s GDP must grow by US$4-6 billion per year, which is a growth rate of ~10% per year. While Kenya has a growing entrepreneurial middle class and steady growth, its economic development has been impaired by weak governance and corruption. Businesses and countries investing in Kenya could add jobs for Kenyans, help diversify into a new market and improve trade between the two entities. But if Kenya's current nominal gdp is $36.1 billion, population around 43 million, then nominal per capita should be around $850 dollars. - … This is an ambitious goal and the Government is aware of that. 2030 is long term plan by the government for the period 2008 to 2030, which aims to transform Kenya into newly industrializing “middle-income country providing a high quality life to its citizens by the year 2030. According to the CBO, the United States GDP will increase steadily over the next decade from 21.22 trillion U.S. dollars in 2019 to 32 trillion U.S. dollars in 2030. Kenya GDP (Gross Domestic Product) was INT$230.83billion for 2020 in PPP terms. This AfDB Group economic update on Kenya shows that Public debt rose to 58 per cent of GDP in 2019, up from 41 per cent in 2013. It is based on three pillars; economic, social and political. Euromonitor International is the leading provider of strategic market research reports. Since 2014, Kenya has been ranked as a lower middle income country because its per capita GDP crossed a World Bank threshold. The vision was created to help transform Kenya into “a middle- income country providing a high quality of life to all its citizens by the year 2030”. We recognise that achieving this growth rate presents a significant THE ECONOMIC VISION AND STRATEGY Under Vision 2030, Kenya aims to increase annual GDP growth rates to 10% and to maintain that average till 2030. 15 In 2003, among 134 count ries with data on GNS relative t o GDP, Kenya ranked 85. On the one hand, the country is a continental leader in information and communications technology (ICT) and has relatively well-developed health and education Kenyan government is already implementing a series of policies and strategies to support the inclusive and efficient development of the livestock sector, and that attempt to address many of the above challenges. It accounts for about 4 per cent of GDP and grows 4 per cent annually. Purchase the Kenya in 2030: The Future Demographic future demographic report as part of our economies and consumers market research for June 2019. The Economic Pillar of Vision 2030 seeks to improve the prosperity of all regions of the country and all Kenyans by achieving a 10% Gross Domestic Product (GDP) growth rate by 2012. Under Vision 2030, Kenya aspires to be a middle income, rapidly industrializing country and globally competitive by 2030. Vision 2030, Past Growth and Inequality 9 4. Agriculture is the most important contributor to Kenya’s GDP at 24.9 %. 7749. Kenya could lose up to 3 percent of its $35 billion GDP annually by 2030 due to global warming, a donor-funded study on the impact of climate change on east Africa's biggest economy showed on Friday. GDP Per Capita (rhs) GDP at Current Market Prices (billion, lhs scale) 2000 2010 2020 2030 2040 2050 2060 Source: AfDB Figure 1 Africa: Gross Domestic Product (US$) 12 In this most positive of scenarios, Bank estimates suggest that Africa’s GDP could increase to over Its goal is to create a prosperous, and globally competitive nation with a high quality of life by the year 2030. This page has economic forecasts for Kenya including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Kenya economy. 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