Tyler Cowen, a professor of economics, believes Africa’s seventh-largest country is set to become the continent’s Singapore thanks to the economic growth it is experiencing and its existing infrastructure.
Professor Cowen, from George Mason University and a columnist for financial news agency Bloomberg, recently said that Africa is the fastest-growing continent.
He added that the continent is also expected to account for one-quarter of the world’s population by 2050, with Kenya set to play a part in this.
Located in east Africa, Kenya has plans to be a newly industrialised nation by 2030.
Professor Cowen wrote on Bloomberg in 2023: “Kenya also had a growth rate of about 5.5% last year, despite negative shocks to the prices of imported food and energy.
“Since 2004, growth rates have been in the range of 4% to 5%.”
The major industries attesting to Kenya’s recent boom include manufacturing, real estate, agriculture, financial services, logistics, tourism, retail and energy.
Professor Cowen also believes Kenya’s geographic advantages have owed to its success including the country’s extensive coastline on the Indian Ocean.
Both Africa and Kenya are seemingly set for growth, with Professor Cowen adding: “The United Arab Emirates will continue to evolve into Africa’s financial centre, Lagos will have the most startup activity, South Africa will remain the dominant business centre in the South.
“London, Beijing and India will play more important roles in Africa’s economic future.
“Kenya’s immediate neighbours to the west and south, Tanzania and Uganda, also have an English-language background, and Tanzania may become one of the world’s most populous countries.”
Kenya’s creation of an export processing zone has helped when it comes to both local and foreign investment.
The government of Kenya is considered investment-friendly and has enacted several regulatory reforms to make it easy for investors to inject money into the country.
Kenya also boasts a well-developed physical and social infrastructure.
“Not only is Africa rising, but East Africa is too. And Kenya is likely to be the easiest and most predictable way to bet on it,” concluded Professor Cowen.
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