Kenya Ranked 3rd Fastest Growing Economy by Bloomberg Business

According to Economists surveyed by Bloomberg Business, Kenya ranked 3rd in the top 20 fastest growing economies in the world in 2015. The survey indicates that Kenya will grow at 6% in 2015.

Nigeria, Africa’s largest economy comes in sixth position and is projected to expand 4.9% this year. Kenya and Nigerian are the only African countries that made the list.

“ China, the Philippines, Kenya, India and Indonesia, which together make up about 16 percent of global gross domestic product, are all forecast to grow more than 5% in 2015,” the survey states.

Having grown at 7.3% in the fourth quarter of 2014, China still remains the fastest growing nation. The Asian nation is expected to however slow its growth to 7% in 2015.

Other countries on the list include Singapore, United Arab Emirates, Malaysia, Peru, Colombia, South Korea, Taiwan, Poland, Mexico, and Turkey among others.

The survey indicates that the world is expected to grow 3.2% in 2015 and 3.7% next year after expanding 3.3% in each of the past two years.

United States and United Kingdom; which combined account for about a quarter of global growth, are expected to grow 3.1 percent and 2.6 percent this year, respectively.

“The euro area probably will expand just 1.2 percent as European Central Bank President Mario Draghi deals with a fragile Greece and embarks on a bond-purchase program to stimulate the region’s growth,” the survey indicates.

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