Kenya has been ranked as a lower middle income economy with per capital income of between $1,006 to $3,955, in the same category with Congo, Nigeria, Sudan and Egypt, Data released by the World Bank recently.
Other East African countries Tanzania, Somalia, South Sudan, Uganda, Rwanda Burundi and Ethiopia are still classified as low-income, with gross national per capita incomes of below $1,045.
Individual governments in East Africa have been struggling to meet key growth targets under their long-term development blueprints in efforts to achieve middle income economy status.
Kenya has Vision 2030, Uganda has formulated Vision 2040, Tanzania Vision 2025, Burundi Vision 2025 and Rwanda has Vision 2020, but there are plans to align all of them to the EAC’s Vision 2050.
Angola is one of eight countries in the world and the only African country that has moved from upper middle-income to a lower-middle income.
Angola’s drop is a reflection of the structural economic shocks the country has faced as a result of the decreased oil prices and commodity prices in general.
Comments
Post a Comment