Kenya's Economic Transformation Journey Compared to Singapore's Model
Kenya, with a population of nearly 55 million and a GDP of $136 billion, aims for economic transformation, using Singapore as a benchmark. Key areas include formalizing the informal sector, improving education and infrastructure, and enhancing access to credit. Despite challenges, such as a higher informal sector percentage and lower productivity, Kenya is focusing on initiatives like the taxation exemption for low earners and automation of business processes to stimulate growth.
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Kenya is pursuing economic transformation with Singapore as a benchmark. With a population of nearly 55 million and a GDP of $136 billion, Kenya's GDP per capita is $5,700, significantly lower than Singapore's $127,500.
A large informal sector impacts taxation and revenue generation. Initiatives include formalizing this sector, exempting low earners from taxation, and improving business automation. Key infrastructural developments are underway, focusing on energy, connectivity, and housing.
The education sector is being reformed to align with industry needs, while the Social Health Insurance Fund aims to reduce healthcare costs. Corruption remains a challenge, but the Ethics and Anti-Corruption Commission is enhancing its efforts.
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