Confidence in institutions, innovation and a strong world-class financial sector propelled Kenya up 16 points in rank on the Global Competitiveness Report 2013–2014, released this month by the World Economic Forum, according to a report in Business&Tech.
Kenya was named most improved country in Africa, and, at least for this year, now counts itself among the 100 most-competitive countries in the world, according to the Global Competitiveness Indicator, the report said.
Kenya is the top country in Sub-Saharan Africa in terms of economic policies and institutions, the report said.
World Bank upgraded Kenya’s Policy and Institutional Assessment rating to 3.9, making it the highest-ranked country in Sub-Saharan Africa, said Kenyan Treasury Secretary Henry Rotich.
The Policy and Institutional Assessment rating measures the extent to which a country’s policy and institutional framework supports sustainable growth and poverty reduction, and consequently the effective use of development assistance, according to World Bank.
President Jomo Kenyatta welcomed the news of Kenya’s improved rankings. “We are determined to put in place policies that improve the lives of our people and I am glad they are delivering fruit,” he said.
Kenya and the International Monetary Fund plan Tuesday to host an international conference on Kenya’s economy.