Kenya : Accelerating and Sustaining Inclusive Growth
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Washington, DC
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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.
Palabras clave
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