Business
Economies of Kenya, Uganda, Tanzania could grow fastest in the world
According to a new and innovative approach to estimating the future growth potential of countries, designed by professors at Harvard and Massachusetts Institute of Technology (MIT), East Africa could become the fastest growing region in the world between now and 2020. Uganda, at an estimated average annual gross domestic product growth rate of 6.41 percent would have the highest growth potential in the world, followed closely by Kenya at 6.1 percent, and Tanzania at 6.07 percent.
Why is this the case? The reason East African economies could have such a high growth potential is because the current “complexity” of their economies is higher than what would be expected given their current level of income. The way complexity is measured is not easy to grasp, but it is essentially a function of how diverse and unique the capabilities of a country are.
