A young African woman on the terrace of a high rising building is watching the city below her, Nairobi, Kenya. Photo Credit: Buona Vista Images via Getty Images

Society Kenya30. September 2023

From Business to Climate, This Country Is Africa’s Rising Powerhouse

Africa is the fastest-growing continent, and Kenya has one of the most promising rises in all sub-Saharan countries due to its economic and political forces, placing the nation in a favorable position for East Africa’s broader progress.

“Kenya also had a growth rate of about 5.5% last year, despite negative shocks to the prices of imported food and energy,” states Tyler Cowen, professor of economics at George Mason University. “Since 2004, growth rates have been in the range of 4% to 5%.”

It is expected that by 2050, Africa will account for one-quarter of the world’s population, which explains why a growing number of multinational corporations want to have a direct presence in the sub-Saharan region. Kenya seems to be the obvious choice with its reasonable level of English fluency, its relatively easy access to China and India, its digital infrastructure with reliable internet access, and its use of green energy. Additionally, Kenya already has more than 80% renewable energy, and thanks to a mild climate, the country’s expansion of solar power can move forward.

Source:
Bloomberg

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