According to International Monetary Fund (IMF), the Kenyan economy is set to cross the KShs. 10 trillion mark this year. Their statistics have indicated that the Gross Domestic Product (GDP) of the country is set to rise from Shs. 9 trillion in 2018 to shs.10.1trillion: thus a growth of up to 5.83%. This follows a steady growth into the previous year which stood at 5.95%. IMF have projected that the East African trade giant could see its economy grow to Shs. 15.7 trillion in the year 2023, even as the country is set to begin commercial export of oil in 2022.

This means better expansion prospects in the labor sector, investment opportunities, and social service delivery by the government. Investment and financial analysts have however raised concern in the rising public debt and high unemployment rates majorly affecting the youth who should be the drivers of the economy. The forecast of Shs. 10.1 trillion would raise the country’s GDP per capita to slightly over Shs. 200,000 versus last year’s Shs. 188,000, a clean 9.2% difference upwards.

The country’s inequality trends will however see this growth captured by the wealthy and individuals in high-paying professions thus widening the gap between the rich and poor in the country. Kenya National Bureau of Statistics (KNBS) statistics show that 75% of employees in the formal sector, totaling about 1.9 million, earn less than Shs. 50,000 salary per month. This, notwithstanding millions others unemployed or have unreliable sources of incomes.

The government continues to invest heavily on energy and infrastructure projects even as it is under pressure to increase opportunities for the millions of unemployed citizens, and the numbers keep rising. The country’s population increase currently runs at more than one million people per year. The population body is set to undertake national official census later this year, ten years since the last one was done in 2009.

These growth estimates are based on the current market prices, among several assumptions including the average price of oil per barrel through to 2020 at around $59. The country’s economy is also expected to top its neighbors’ including Ethiopia, Uganda and Tanzania whose GDPs’ are projected to grow by 7.7% to Shs. 9 trillion, 6.2% to 3 trillion and 3.9% to 6.1 trillion respectively.