This Is Why Quality Of Life In Kenya is said to have improved
Kenya has
been ranked a notch higher from lower-income to lower-middle income
economy by the World Bank signifying that the quality of life in the country
may have improved.
This ranking
now places the country in the same economic league with others as Bangladesh,
Myanmar, and Tajikistan.
“Kenya’s
gross national income (GNI) per capita is estimated at about $1,290 (Sh127,
215). While we need to measure development progress in different ways,
income-based measures, such as GNI, remain the central yardstick for assessing
economic performance,” said Kaushik Basu, World Bank chief economist and senior vice president
in a statement.
In general,
the World Bank said the quality of life the world over had improved.
The Business
Daily explains that GNI per capita measures the average amount of
resources available to persons residing in a given economy, and reflects the
average economic well-being of a population.
Each year on
July 1, the World Bank revises the income classification of the world’s
economies based on estimates of GNI per capita for the previous year.
Malawi has
the world’s lowest reported GNI per capita at $250, while Monaco has the
highest, at more than $100,000 – more than 400 times more per person on average
than Malawi.
Countries
as Argentina, Hungary, Seychelles, and Venezuela have now moved from the
upper middle income category to high income.
source: Tuko.co.ke
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