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VENTURES AFRICA – Kenya has slipped eight places in the latest World Bank’s Doing Business report for 2014 as foreign investments in the country plunged, following an accelerated sell-off by foreign investors in the country’s stock exchange.
The country fell to a 129th position in this year’s report after it appeared to have overlooked some important reforms which would have seen it better its 121st position last year.
Such reforms include a requisite regulatory system designed to increase private sector participation in economic development.
Singapore emerged as the best country to do business out of the 189 countries sampled, while Central African country, Chad emerged the worst. Kenya, however, ranked second in East Africa after Rwanda in terms of the ease of doing business within the East African Community (EAC).
Earlier in the year, IMF chief Christine Lagarde warned Kenya about looming ‘shocks’, highlighting the East African nation’s vulnerability to global economic forces – particularly a slowdown in emerging markets, which once bolstered the region’s growth, according to a report by Voice of America.
She however praised the country’s remarkable economic gains.
“Indeed, Kenya’s economic gains over the past few years have been nothing short of remarkable,” Lagarde had said. “Coming on the heels of a delicate political transition, growth remains robust – at more than 5 percent in 2013.
Lagarde added; “Now is a good time to commend Kenya on its performance. But this is not the time for complacency.
“Yes, Kenya’s future holds great promise. Looking ahead, achievements need to be deepened and broadened, so the economy can be made even more resilient, and the benefits of growth can be even more widely shared among all the Kenyan people.”