CURRENT AFFAIRS
CURRENT AFFAIRS
Description
While Kenya has significantly reduced poverty from 2005 to 2019, improvement has been spatially uneven, leaving many behind, according to a new World Bank research. It outlined policy options for more inclusive growth.
The Good And The Bad: Falling Poverty And Persistent Gaps
Kenya reduced its national poverty rate from 47% to 34% between 2005 and 2019 thanks to consistent economic growth. Poverty has decreased in both rural and urban areas.
However, large geographical discrepancies exist, with drier northern countries suffering from significantly higher poverty. The lack of improvement contrasts with the rest of Kenya.
Furthermore, prior to the pandemic, national poverty reduction was already decreasing. COVID-19 subsequently increased poverty by an estimated 2 million people.
The Primary Causes Of Uneven Outcomes
According to the research, the unevenness is caused by several interconnected factors:
Limited Productive Jobs and Opportunities - reduces income development for the poor in underserved areas.
Unequal Resilience - The poor are especially sensitive to climatic shocks and disasters due to a lack of coping strategies.
Inequality in Opportunity and Outcome - diminishes the benefits of national prosperity that trickle down to the excluded.
Regressive taxes and low social spending - make fiscal policy inefficient at alleviating poverty.
Suggestions For Inclusive Growth
While there are challenges, Kenya's economy may help more residents by-
Connecting the impoverished to opportunities for growth through the development of skills and access.
Increasing household resistance to weather fluctuations.
Using fiscal reforms to aid in poverty alleviation.
Developing climate-resilient agriculture, for example, would benefit vulnerable farmers.
The Next Steps
Kenya has a strategy in place to reconcile high national growth with ensuring that everyone benefits through smart inclusive policies that target the limits that different groups confront.
The implementation of such a multi-pronged pro-poor strategy can best leverage Kenya's economic promise for balanced, equitable progress.
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