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Growing Kenya GDP From $50 billion to $100 Billion by Investors
Kenya investment opportunities were part of a day-long conference dubbed, “Doing Business in Kenya,” held at Washington D.C. Many economic analysts predict that Kenya will grow from a $50 billion economy to a $100 billion saying it is no wonder the Corporate Council of Africa (CCA) and Kenya Embassy explored the opportunity to invest in this growth.
Kenya is today the ranked as the 6th largest economy in Sub-Sahara Africa. The Gross Domestic Product of Kenya about $50 billion is about a tenth of the Nigeria economy that is currently over $500billion G.D.P after the recent revision.
On population Kenya is again the 6th most populous country with a population of 44 million and behind: Nigeria, 180million; Ethiopia, 87 million; Democratic Republic of the Congo, 75 million; South Africa, 53 million; and Tanzania, 46 million.
To achieve a $100 billion economy by 2020 when the population is expected to reach 50 million means growing per capita income to $2,000. Those working in developmental projects see this as now readily achievable as the country moves from the central system that was the anchor of growth to the now set 47 counties. They also see Kenya Diaspora playing a vital role in investment in Kenya.
The recent Kenya Sovereign Bond of $2 billion that ended attracting more than $8 billion (Kshs 700 billion) has also opened Kenyans into seeing how investment works. Many Kenyans were indeed flabbergasted to see others come with this type of cash. Those holding land started seeing the possibility of converting the land to cash bonds. “It is this new thinking that will drive the investments and more economic activity in Kenya,” says a Diaspora economic analyst.
Is it possible for Kenya to cross the $100 billion mark before Ethiopia, Ghana and Tanzania? 2014 maybe the year that Kenya takes off just like China is said to have taken off in 1978 after investors mainly from the U.S knocked at the door of China to start growing China.