Kenya and Tanzania have been ranked among Africa’s top 10 economies in a list reflecting 2019 performance published by the International Monetary Fund (IMF)
According to the data, Kenya is ranked 6th with Tanzania placing in the 10th position. The two East African nations have seen their Gross Domestic Product (GDP) climb from earlier rankings, with Kenya’s GDP now standing at $99 billion, climbing up from $88.27 billion.
Tanzania’s GDP stands at $62 billion, rising from $56.66 billion in the previous ranking. According to the IMF, Nigeria maintains its top spot as Africa’s biggest economy with a GDP worth $450 billion, while South Africa remains second with a $360 billion GDP.
Other top 10 countries Africa by GDP include Egypt, $300 billion, Algeria $170 billion, Morocco $120 billion, Angola $92 billion, Ethiopia $91 billion and Ghana $67 billion.
A Review of Kenya’s Economy
In Kenya, the benefit of the August 2010 constitution paved way for a new political and economic governance system that promotes investment at the grassroots level, viable public service delivery at all local, universal healthcare, affordable housing and food security were the major drivers fostering economic development through the Vision 2030, outlined as the Big Four Agenda
Agriculture is Kenya’s fastest-growing sector which accounts for 33 per cent of the nation’s Gross Domestic Product.
A review of Tanzania’s Economy
Tanzania’s overall score increased by 1.5 points due to its higher score for property right and fiscal health. The GDP growth recorded healthy gains in the past years, which was driven by its industrial sector, construction and mineral exports. The government of Tanzania contributed immensely by prioritized industrialization and job creation with its commitment to pursuing a development strategy led by the private sector.
Tourism is the nation’s fastest-growing sector which accounts for 80 per cent of its GDP.
In conclusion, the government of developing nations can foster its economy by the right policy agenda that can accelerate growth, alleviate poverty and encourage vibrant competition among companies in the private sector.
Sources Worldbank and Thecitizen Tanzania