Kenya emerges 3rd in global top 20 fastest growing economies

February 27, 2015
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Kenya and Nigerian are the only African countries that have made it to the list/FILE
Kenya and Nigerian are the only African countries that have made it to the list/FILE
NAIROBI, Kenya, Feb 26 – Kenya has emerged third in the top 20 fastest growing economies in the world in 2015 according to economists surveyed by Bloomberg Business.

Kenya and Nigerian are the only African countries that have made it to the list.

The survey indicates that Kenya will grow at 6 percent in 2015, even as it grapples with unemployment and poverty challenges.

“ China, the Philippines, Kenya, India and Indonesia, which together make up about 16 percent of global gross domestic product, are all forecast to grow more than five percent in 2015,” the survey states.

Nigeria, Africa’s largest economy comes in sixth position and is projected to expand 4.9 percent this year.

Having grown at 7.3 percent in the fourth quarter of 2014, China still remains the fastest growing nation.

The Asian nation is expected to however slow its growth to seven percent in 2015.

Other countries on the list include Singapore, United Arab Emirates, Malaysia, Peru, Colombia, South Korea, Taiwan, Poland, Mexico, and Turkey among others.

The survey indicates that the world is expected to grow 3.2 percent in 2015 and 3.7 percent next year after expanding 3.3 percent in each of the past two years.

United States and United Kingdom; which combined account for about a quarter of global growth, are expected to grow 3.1 percent and 2.6 percent this year, respectively.

“The euro area probably will expand just 1.2 percent as European Central Bank President Mario Draghi deals with a fragile Greece and embarks on a bond-purchase program to stimulate the region’s growth,” the survey indicates.

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