TAG: ICT
As the largest economy in the EAC, Kenya is a major player in both the region and sub-Saharan Africa as a whole. Over the past few decades, its market has transformed from being largely agrarian into one of the most diversified and innovative on the continent. It was sub-Saharan Africa’s fifth-largest economy in 2015, ranked 11th in inbound foreign direct investment and is one of the few countries in Africa that is not primarily dependent on extractive revenues.
While Egypt continues to face considerable economic challenges, the outlook is improving on the back of strong private sector activity and government reforms. New revenue enhancements have been put into place, while current spending is being curtailed and a long-awaited legal framework aimed at attracting new investment will soon be rolled out. Financial services, telecoms and industrial firms have benefitted from steady domestic demand, although there are plenty of obstacles to faster growth, including a troubled currency – the flotation of which, while seen as necessary, threatens to drive up inflation.
The growing recognition that economic liberalisation offers the best path forward for the country has been reflected in a number of recent reforms, including a spate of significant stimulus packages that were announced late in 2015 and continued into 2016.