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The Kenyan economy performed very poorly during this era of World Bank and IMF-driven liberalisation at the height of Daniel Arap Moi administration. [44] From 1991 to 1993, Kenya had its worst economic performance since independence. Growth in GDP stagnated, and agricultural production shrank at an annual rate of 3.9%.
The Economic Stimulus Programme (ESP) was a spending plan initiated by the Government of Kenya to boost economic growth and lead the Kenyan economy out of the 2007–2008 Kenyan crisis and the Great Recession. [1] It was introduced in the 2009/2010 Budget Speech [2] in parliament by Finance Minister Uhuru Kenyatta.
The Kenya Economic Stimulus Program was a spending plan initiated by the Government of Kenya to boost economic growth and lead the economy of Kenya out of the 2007–2008 Kenyan crisis and the Great Recession; The Chinese economic stimulus program of 2008-2009 was a RMB¥ 4 trillion stimulus introduced during the financial crisis of 2007–2008.
Amidst protests, the Kenyan government scrapped parts of the bill on 18 June 2024. According to Kuria Kimani, chairman of Kenya’s Finance and National Planning Committee, the proposed tax increases that were scrapped included a 16% value-added tax (VAT) on bread, as well as taxes on motor vehicles, vegetable oil, and mobile money transfers. [26]
Kenya is a lower middle income economy, with Kenya's GDP hitting $150 billion as of 2024. This is due to increasing technology innovation services. Although Kenya's economy is the largest and most developed in eastern and Central Africa, 16.3% (2023/2024) of its population lives below the international poverty line. [1]
The 2007–2008 Kenyan crisis was a violent political, economic, and humanitarian crisis in Kenya. The crisis erupted after incumbent President Mwai Kibaki was declared the winner of the 2007 presidential election. Supporters of Kibaki's main opponent in that election, Raila Odinga of the Orange Democratic Movement, alleged electoral manipulation.
The coronavirus pandemic has taken a major hit on the economy and the personal finances of workers across the country. The national unemployment rate was as high as 14.7% in April 2020.
An example of a counter-cyclical policy is raising taxes to cool the economy and to prevent inflation when there is abundant demand-side growth, and engaging in deficit spending on labour-intensive infrastructure projects to stimulate employment and stabilize wages during economic downturns.