Kenya has entered a new decade with renewed momentum for strong and sustained growth. Being part of Africa's strong recovery after the global crisis and a regional leader in services, Kenya has high hopes for a strong economic performance during this new decade. After two years low growth, the World Bank projects 4.0 percent growth in 2010 which means that most Kenyans will again experience an improvement in their living conditions. To achieve and sustain high growth over the next decade, Kenya will need to address its economic imbalances, avoid domestic shocks, and manage the impacts of future external crises. The theme of this second Kenya economic update, "running on one engine", reflects the structural imbalance of Kenya's current economy-Kenya's strong engine is domestic consumption; its weak engine is exports. In order to restart the export engine, Kenya will need to address a number of issues, especially the infrastructure deficit. The port of Mombasa for example, is Kenya's most important and concentrated infrastructure asset. As the special focus section of this report concludes, the port needs substantial reform and upgrading to reach international standards and to meet the demands of a growing and increasingly integrated East African Community.
Details
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Author
Fengler. Wolfgang; Kiringai, Jane;
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Document Date
2010/06/01
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Report Number
54906
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Volume No
1
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Total Volume(s)
1
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Country
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Region
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Disclosure Date
2010/06/07
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Disclosure Status
Disclosed
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Doc Name
Kenya economic update : running on one engine - Kenya's uneven economic performance with a special focus on the port of Mombasa
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Keywords
average for sub-saharan africa;current account deficit;global financial crisis;balance of payment;fiscal;terms of trade;share of export;cyclical monetary policy;export of goods;commodity price data;interest rate decline;country of origin;local maize price;share of import;cost of fund;market for imports;flow of good;water and electricity;provision of energy;treasury bill rate;bank lending rate;commercial bank lending;government's vision;current account balance;exports of oil;transshipment of good;world merchandise export;public investment program;economic growth strategy;global economic prospect;sovereign debt crisis;Private Sector Growth;public sector investment;gdp growth rate;engine of growth;Manufacturing;emerging economy;manufactured export;fiscal deficit;Emerging economies;
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Citation
Fengler. Wolfgang; Kiringai, Jane;
Kenya economic update : running on one engine - Kenya's uneven economic performance with a special focus on the port of Mombasa (English). Kenya economic update ; edition no. 2 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/498381468332493035/Kenya-economic-update-running-on-one-engine-Kenyas-uneven-economic-performance-with-a-special-focus-on-the-port-of-Mombasa