2012 a Turning Point for kenyan Economy Says World Bank

Nairobi, Kenya

The World Bank says that 2012 could prove to be a ‘defining year’ for the Kenyan economy if she can overcome political obstacles in her path.

Following the launch of the latest Kenya Economic update, a WB report says that despite facing challenges including national elections, the establishment of a new system of devolved government and the possibility of a deteriorating global economy, that the “surging” information and communications technology field could boost the performance of a number of sectors, including transportation, agriculture and infrastructure.

“Africa is on a growth path, but Kenya, particularly, has two advantages,” Wolfgang Fengler, the World Bank’s lead economist for the East African region said. “(These advantages are) great people and a great location.”

Following the first-ever WB Africa live-stream event, held last week on the state of the Kenyan economy, in which he was joined by Kenyan leaders, experts and representatives from various economic sectors in both Washington, DC and Nairobi for the hour-long conversation, including Jessica Colaco of iHub, Emmanuel Were of New Nation Media, Jackson M’Vanguya of Voice of America, Maggie Kemunto of IBM, Mark Kaigwa of African Innovation and Jane Kiringa of the World Bank, the WB said the forum was vital to interact with the growing on-line community.

Mr Fengler noted that they had a big online community following them after the launch of the update and it was the first experience interacting with them.

Key questions asked during the debate included what can Kenyans expect from the surging ICT field, will the country always rely on foreign aid and how will it attract more foreign investors?