Exports key for Kenya’s economic growth
18 June 2013, 11:47
Nairobi - For Kenya to attain status as a middle-income country it has to grow its exports and decrease its poverty levels, the World Bank economists said on Monday, Business Daily reports.
Exporting more would help the country to effectively deal with the fiscal and monetary challenges it has faced in the past 10 years as it reduces the current reliance on domestic consumption as a major driver of growth, the economists said even as they forecast a 5.7 per cent growth this year.
The bank estimates that if Kenya was to balance its external position (that is, matching imports with exports while maintaining current levels of consumption and investments) its overall growth would stand at eight per cent — only two percentage points shy of the 10 per cent target.
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