Kenya could Achieve Middle Income Status By 2016.

16 Jun

Kenya could reach middle income status in the next four years if its current growth rates are sustained, according to a new study by The United Nations Economic Commission for Africa (UNECA).

The forecasts shows that the country’s annual gross national product (GDP) per person will be $1,030 in 2016 against $1,000 per capita used to categorise economies as middle income.

A key assumption of the study is that a growth rate of at least 4.5 per cent, the projected rate for this year, will be maintained for the next four years.

In 2011, Kenya’s real Gross Domestic Product per capita was $830.5, having risen from $526 in 2005.

The richest country in the wider Eastern Africa region is Seychelles with per capita income of $11,183 followed by oil-rich South Sudan at $1,570 and Djibouti at $1,400.

In the East Africa Community Rwanda comes second after Kenya with a per capita income of $600, followed by Uganda at $550, Tanzania $500 and Burundi $210. Ghana achieved middle income status last year.

The study makes the country’s Vision 2030 growth blueprint of making Kenya a middle income economy closer to reality, however it could take upto 2026 if annual growth rates slip to the 2007 and 2008 rates of 1.5 or 2.6%.

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One Response to “Kenya could Achieve Middle Income Status By 2016.”

  1. mahustlerszone December 26, 2013 at 11:32 am #

    Reblogged this on Embakasi Reloaded.

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