The International Institute for Management Development (IMD) has ranked Kenya a top competitive economy in the continent.
The ranking, the institute says is a reflection of structural changes, modernizations and police executions initiated by Nairobi.
“These actions have produced tangible outcomes that IMD recognizes as central to competitiveness,” the institute notes.
The ranking, has heavily been hinged on macroeconomic stability and infrastructural developments in the transport and energy sectors. Regulatory reforms and digitization of government services also gave Kenya an edge in the rankings.
The institute however says that despite scoring better than its peers in the continent, Kenya still faces risks such as unreliable electricity supply, reliance on external trade conditions and fiscal pressures.
”Future gains will depend on the consistent delivery of energy, infrastructure and digital reforms,” it adds.
Globally Kenya ranked 56th, while in Africa it preceded Botswana, Ghana, South Africa, Nigeria and Namibia.
IMD says its framework combines hard data with executive-level survey to come up with rankings. It assesses 336 indicators. These are grouped into four pillars namely economic performance, government efficiency, business efficiency and infrastructure.