Kenya, East Africa’s largest economy, is expected to become one of the region’s fastest growing economies in 2015, after the World Bank predicted a 6 percent GDP Growth rate for 2015. It also predicted a higher growth rate of 6.6 percent for the following year 2016.

According to the global lender, Kenya’s economy shot up by an estimated 5.4 percent in 2014 in its latest economic update, while growth could accelerate to 7.0 percent in 2017. “After growing an estimated 5.4 percent in 2014, its economy is poised to be among the fastest growing in the region,” the report said.

Still a lot to be done

The World Bank stated that Kenya’s growth had been hampered by poor imports, and urged the country to support the manufacturing sector to boost exports. “Sluggish external demand for exports, especially from the Euro area and emerging economies, has contributed to the widening of the current account deficit in recent years,” the bank said. Some of the challenges faced by the east African nation, however, are gradually being tackled.

Kenyan President Uhuru Kenyatta has declared that the country’s Standard Gauge Railway, a modern high speed rail system currently under construction, will ease Kenya’s GDP by 1.5 percent once it becomes operational.

“When the construction project ends and the trains start operating, it will lead to a big reduction in [prices of] goods and change this country,” he emphasized. “This single project alone will raise our GDP by 1.5 percent and that can enable us achieve growth rates of even 8 percent because we are now growing at 5.8 percent.”