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Kenya Economic Update, December 2014, No. 11 : Anchoring High Growth

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Abstract: This is the eleventh edition of the Kenya Economic Update. The special focus of this update examines the structural factors underpinning the poor performance of the manufacturing sector. Drawing on recent firm-level data from the 2010 Industrial Census and the 2013 Enterprise Survey. It investigates the extent to which the sector's lack of dynamism reflects problems in Kenya's business environment, which compares poorly to regional neighbors' on several manufacturing-relevant dimensions. The report has four main messages: First, Kenya begins 2015 in a sound economic position. After growing an estimated 5.4 percent in 2014, its economy is poised to be among the fastest growing in the region, with growth projected at 6.0 percent in 2015, 6.6 percent in 2016, and 7.0 percent in 2017. Second, the external sector remains weak and vulnerable, as import growth continue to outpace export growth and short-term flows finance the current account deficit. The large deficit points to underlying structural weaknesses in Kenya's economy, which need to be addressed. Third, Kenya needs to increase the competitiveness of the manufacturing sector so that it can grow, export, and create much-needed jobs. As a share of GDP, Kenya's manufacturing sector has been stagnant in recent years, and it has lost international market share; lastly, the weak business environmentis a key constraint for the manufacturing sector. Obstacles to doing business affect this sector more than many others because manufacturing needs access to capital for investments, infrastructure to import inputs and export and distribute finished products, affordable and reliable electricity to produce, labor to man operations, and fair and streamlined regulations and trade policies that allow firms to compete.
Type: Report
Economic & Sector Work
Economic & Sector Work :: Economic Updates and Modeling
Link: http://hdl.handle.net/10986/21803
Subject: ACCESS TO CAPITAL
ACCOUNTING
AGGREGATE DEMAND
AGRICULTURAL PRODUCTION
AGRICULTURE
ALLOCATIVE EFFICIENCY
AUCTION
BALANCE OF PAYMENTS
BANK RATE
BASE YEAR
BASIS POINTS
BOND MARKET
BUDGET SURPLUSES
BUSINESS ENVIRONMENT
CAPACITY BUILDING
CAPITAL ACCOUNT
CAPITAL FLOWS
CAPITAL GAINS
CAPITAL GOODS
CAPITAL OUTFLOWS
CASH MANAGEMENT
CENTRAL BANK
COMMERCIAL BANKS
COMMERCIAL TERMS
COMMODITY
COMMODITY PRICE
COMMON MARKET
COMPETITIVE MARKET
COMPETITIVENESS
CONSOLIDATION
CONSUMER DURABLES
CONSUMERS
CONSUMPTION PATTERNS
CREDIT GROWTH
CROWDING OUT
CURRENT ACCOUNT BALANCE
CURRENT ACCOUNT DEFICIT
DEBT
DEBT BURDEN
DEBT LEVELS
DEBT PAYMENTS
DEBT REPAYMENT
DEBT SERVICE
DEPOSIT
DEVOLUTION
DOMESTIC BORROWING
DOMESTIC DEBT
DOMESTIC FINANCIAL MARKETS
ECONOMIC GROWTH
ECONOMIC OUTLOOK
ECONOMIC PERFORMANCE
ECONOMISTS
ELECTRICITY GENERATION
EMERGING ECONOMIES
ENVIRONMENTAL
ENVIRONMENTAL PROTECTION
EQUALIZATION
EQUIPMENT
EQUITY FUNDS
EUROBOND
EXPENDITURE
EXPORT GROWTH
EXPORT PERFORMANCE
EXPORTERS
EXPORTS
EXTERNAL BORROWING
EXTERNAL DEBT
EXTERNAL INDEBTEDNESS
FEDERAL RESERVE
FINANCIAL MANAGEMENT
FINANCIAL SERVICES
FIRM PERFORMANCE
FISCAL AUTONOMY
FISCAL DEFICIT
FISCAL DEFICITS
FISCAL DISCIPLINE
FISCAL POLICY
FISHING
FOREIGN DIRECT INVESTMENT
FOREIGN EXCHANGE
FOREIGN EXCHANGE MARKET
FOREIGN INVESTORS
FORESTRY
FUNDS FLOW
FUTURE GROWTH
GDP
GDP PER CAPITA
GLOBAL MARKETS
GOVERNMENT EXPENDITURE
GOVERNMENT REVENUE
GOVERNMENT SPENDING
GROSS DOMESTIC PRODUCT
GROWTH PROJECTIONS
GROWTH RATE
GROWTH RATES
HIGH UNEMPLOYMENT
HUMAN CAPITAL
HUMAN RESOURCE
INCOME TAX
INDUSTRIALIZATION
INEFFICIENCY
INFLATION
INFLATION RATE
INFLATIONARY PRESSURE
INFORMATION SYSTEM
INFRASTRUCTURE INVESTMENT
INFRASTRUCTURE INVESTMENTS
INSURANCE
INTEREST PAYMENTS
INTEREST RATE
INTEREST RATE SPREAD
INTEREST RATES
INTERNATIONAL DEVELOPMENT
INTERNATIONAL MARKET
INTERNATIONAL MARKETS
INTERNATIONAL TRADE
INVESTING
INVESTMENT DECISIONS
INVESTMENT PROJECTS
INVESTMENT SPENDING
ITC
JOB CREATION
LABOR FORCE
LABOR MARKET
LABOR PRODUCTIVITY
LACK OF COMPETITION
LENDING INTEREST RATE
LEVIES
LIQUIDITY
LIVING STANDARDS
LOAN
LOCAL GOVERNMENTS
LONG-TERM CAPITAL
LONG-TERM INTEREST
LONG-TERM INTEREST RATE
LONG-TERM INTEREST RATES
M1
M2
M3
MACROECONOMIC ENVIRONMENT
MACROECONOMIC POLICIES
MACROECONOMIC STABILITY
MARKET ANALYST
MARKET DISTORTIONS
MARKET LAWS
MARKET SHARE
MATURITIES
MONETARY FUND
MONETARY POLICIES
MONETARY POLICY
MONEY SUPPLY
NATIONAL INCOME
NATIONAL SECURITY
NATIONAL TREASURY
NATURAL RESOURCES
NEW ENTRANTS
OIL
OIL PRICES
OPERATING COSTS
PEER REVIEW
PENSIONS
POLICY MAKERS
POSITIVE EXTERNALITIES
POTENTIAL OUTPUT
PRIVATE CONSUMPTION
PRIVATE CREDIT
PRIVATE INVESTMENT
PRIVATE SECTOR CREDIT
PRODUCTIVITY GROWTH
PUBLIC BORROWING
PUBLIC DEBT
PUBLIC FINANCE
PUBLIC INVESTMENT
PUBLIC POLICY
PUBLIC SPENDING
REAL EXCHANGE RATE
REAL INCOME
RECURRENT EXPENDITURE
RECURRENT EXPENDITURES
REGULATORY FRAMEWORKS
REMITTANCES
RESERVES
RESOURCE MOBILIZATION
RISK AVERSE
RISK FACTORS
SAVINGS
SAVINGS RATE
SECURITIES
SECURITIES EXCHANGE
SHARE OF CREDIT
SHORT-TERM CAPITAL
SHORT-TERM INTEREST RATES
SOVEREIGN BOND
STOCK MARKET
STOCKS
SUSTAINABLE GROWTH
TARIFF BARRIERS
TAX
TAX ADMINISTRATION
TAX LAWS
TAX REFORMS
TAX REVENUE
TAX REVENUES
TAX SYSTEM
TAXATION
TECHNICAL ASSISTANCE
TERRORISM
TOTAL DEBT
TOTAL FACTOR PRODUCTIVITY
TOTAL REVENUE
TRADE BALANCE
TRADE POLICIES
TRADE POLICY
TRADING
TRANSMISSION OF MONETARY POLICY
TRANSPORT
TREASURY
TREASURY BILL
TREASURY BILL RATE
TREASURY BILLS
TREASURY BONDS
URBAN DEVELOPMENT
VALUE ADDED
WAGES
WATER SUPPLY
WORLD DEVELOPMENT INDICATORS
WORLD TRADE
WORLD TRADE ORGANIZATION
WTO




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