Kenya could achieve high income status within the next three decades with targeted investments in key economic sectors in order to raise household income.
During the launch of the National Conversation Beyond Vision 2030 blueprint which is designed to help the country achieve high income status by 2063, it emerged that the country’s economic pillar is still lagging behind.
Under the Vision 2030 blueprint economic pillar has had the lowest success rate at 55.5%, compared to programmes under political pillar with a success rate of 88.2% , foundation enablers 61.6% and social pillar 59.5%.
This as the country nears commencement of the fifth and final medium term plan under Vision 2030 scheduled to begin in 2028.
“The targets that we put were very aggressive. 10% gross domestic product growth consistently that we have not achieved,” said Emmanuel Nzai, Chairperson of the Vision 2030 Secretariat.
According to Prof Hiroyuki Hino Fellow at Duke University and member of the Vision Development Committee, responsible for developing the National Conversation Beyond Vision 2030 blueprint, Kenya will need to achieve at least 5pc growth in annual income per person, to reach Singapore’s status.
According to Hiroyuki, without additional impetus, Kenya could witness stagnated growth and fall victim to the middle income trap.
“Kenya must accelerate economic growth first, tighten fiscal policy increase investment in infrastructure, essential services and bring public debt under control. It must also continue to support private enterprises. Reliance on private enterprises has been the hallmark of Singapore’s development,” he added.
According to data by the World Bank, since launching of Vision 2030 blueprint, the country’s income per capita has grown from $915.5 in 2008 to $2,362.9 last year.
To close the income per capita gap between Kenya and Singapore’s $98, 194 as of last year, the country is being challenged to align its investments priorities with current global realities riding on technological advancements.
“The global competitive environment is therefore far more intense than when Vision 2030 was launched. Kenya cannot afford complacency. Sustained investment, innovation competitiveness, and strategic foresight are essential to ensure that the country does not fall behind,” said Prof. Anyang’ Nyong’o, Kisumu County Governor and Chairperson of the Vision Development Committee.
The National Conversation Beyond Vision 2030 is expected to offer seamless transition into long term plan which will help turn the country into a competitive economic powerhouse.
