World Bank sees progress in Kenya’s poverty reduction initiatives

the world bank
The world bank

Kenya recorded gains in translating economic growth into reducing poverty rates in the previous decade, the World Bank said in a report released on Thursday.

According to the Kenya Poverty and Equity Assessment 2023 report, which was launched in Nairobi, the capital city, the country’s economic growth has the potential to pull millions more out of poverty, even in challenging economic contexts.

“An inclusive growth strategy that boosts economic opportunity and productivity among the poorest, while maintaining focus on longer-term development objectives, will help realize that potential,” according to the report, whose theme is “From Poverty to Prosperity: Making Growth More Inclusive.”

Despite progress in growing the economy and reducing poverty, comparison to peers suggests there is scope to do more, given the country’s income status, the report noted.

Precious Zikhali, senior economist at the World Bank, said that Kenya can accelerate poverty reduction and equalize opportunities through smart economic policies and efficient public expenditures that enable the poor to better utilize their productive capacity.

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