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Kenya Economy

20 Jun

Kenya is regional hub for trade in East Africa. The country has a market-based economy with a liberalized foreign trade policy; but with unemployment still above 40%, a substantial external rate, and an industrial production growth rate of a mere 2%, it is safe to say that the country still has a long way to go.

Some of the current problems that the economy is facing include:

Over reliance on agricultural production and tourism which makes the economy vulnerable to international market highs and lows.

Inflation is also a serious concern for the growth of the Kenyan economy. Since 2004, the inflation rate has consistently been above 9%. However, owing to the political instability and budget deficits, it reached 26.3% in 2009.

Corruption is the biggest impediment to Kenya’s economic growth. Following the 2005-06 foreign aid frauds, international agencies delayed fund advancements. The post-election violence in 2008 worsened the economic conditions. Thus, without the establishment of political stability, Kenya’s economic growth will remain volatile.

 
 

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