The International Monetary Fund (IMF) has said that Kenya’s gross domestic product (GDP) will hit 6.01 percent in 2019 from 5.475 percent that is set to be recorded in 2018.
Kenya’s GDP, according to IMF, will be ahead of Uganda and Madagascar. Uganda’s GDP for 2019 is expected to be at 5.778 percent from 5.234 percent in 2018 while that of Madagascar is expected to be 5.589 percent in 2019 from 5.097 percent in 2018.
According to IMF projections, Ethiopia will have the highest GDP growth in 2019 though it will be slightly lower than its current GDP. In 2019, Ethiopia’s GDP is expected to be at 8.339 percent, a slight dip from the current 8.546 percent.
Ghana is set to have the second highest GDP in 2019 at 7.598 percent from the current 6.293 percent followed by Cote d’Ivoire with 7.061 percent from 7.358, a slight drop. Senegal’s and Tanzania’s GDP is expected to be at 7.021 and 6.599 percent in 2019 from 7.038 and 6.4 percent in 2018 respectively.
The image below shows real GDP as outlined by IMF for eight countries:
How Kenya Can Grow Her GDP
Kenya should make it easy for investors to do business in Kenya. Currently, the ease to do business in Kenya is wanting and many investors are opting for neighboring countries such as Tanzania and Rwanda. The process one has to go through to set up a business in Kenya is tiring and scary to many investors.
The cost of doing business in Kenya is just unbearable for most investors. Power bills are the highest in the region, the cost of fuel is also the highest and the taxes levied are far much higher than in the neighboring countries.
Kenya’s infrastructure is still wanting. We cannot keep on singing about SGR as though we achieved the whole world. More roads need to be constructed in most parts of the country to enable investments.