President Uhuru Kenyatta's administration presided over a 155% economic growth, expanding Kenya's GDP to Kshs. 13.5 trillion by 2022 from Kshs. 5.3 trillion in 2013, while leaving a Kshs. 8.4 trillion public debt burden as he prepares to transfer power after the August 9 General Election.
Economic Rebound and Pandemic Response ¶
The economy contracted 0.3% in 2020 due to the COVID-19 pandemic but rebounded with 7.5% growth in 2021. The government's Kshs. 74.3 billion Economic Stimulus Programme supported SMEs, tourism, and agriculture, creating 200,000 youth jobs through Kazi Mtaani. President Kenyatta acknowledged the crisis, stating, "This COVID-19 pandemic is not only a health crisis, it is fundamentally an economic crisis." The IMF provided a Kshs. 275 billion credit facility for budgetary support and vaccine purchases.
Infrastructure as Development Pillar ¶
A major focus was on infrastructure development, including the Kshs. 477 billion Standard Gauge Railway (SGR), which reduced Nairobi-Mombasa transport time to three days. Phase two of the 578.8km SGR, initiated in 2011, was completed in 2019. The Nairobi Expressway, opened in May 2022, joined other projects like the Mombasa port expansion and Nairobi-Moyale highway. The SGR hauled 17.6 million tonnes of cargo between 2018-2021.
Debt and Economic Challenges ¶
Public debt rose from Kshs. 1.4 trillion in 2013 to Kshs. 8.4 trillion by 2022, with Kshs. 4.2 trillion in domestic and external obligations. Inflation reached 6.47% in April 2022 due to global conflicts and pandemic impacts. While exports grew to Kshs. 743.7 billion in 2021, imports surged to Kshs. 2.2 trillion, widening the trade deficit to Kshs. 1.4 trillion from Kshs. 856.7 billion in 2012.
Human Capital and Energy Expansion ¶
Electricity access expanded to 8.3 million households from 2.3 million in 2013, with 3,900 megawatts of renewable energy capacity added. Foreign direct investment peaked at Kshs. 75.1 trillion in 2017, while revenue collection more than doubled to Kshs. 2 trillion by 2021/22. However, the government's 5,000 megawatt energy target remained unmet.
