African Development Bank Group: Kenya Country Strategy Paper 2014-2018

African Development Bank (AfDB)

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Abstract: Kenya is emerging and transforming politically and economically after 50 years of independence marked by mixed political and economic performance. The initial period of rapid growth to the mid-1970s was followed by a period of stagnation until the turn of the millennium,and then modest growth over the last decade. While Kenya has the potential to be one of Africaâ??s best-performing economies,the country has been following,not spearheading,Africaâ??s growth momentum: with around USD 840 (2012),Kenyaâ??s average per capita income is still only about half of Africaâ??s average of USD 1,600. Africaâ??s growth momentum has already propelled 22 economies above the USD 1,000 middle-income threshold,yet Kenya is only ranked 24th continent-wide and remains in the low income group,with almost half of the people living below the poverty line and high unemployment,especially among the youth.