Kenya ninth least prosperous country, says report

Kenya is the ninth least prosperous country in the world, according to a recent report by a London-based research institute

Out of 110 countries surveyed in the 2011 Legatum Prosperity Index, Kenya ranked 102.

Although the position was an improvement over 2010’s 104 placement, it was the worst in the East African Community.

The index is a global assessment of prosperity based on wealth and quality of life. Ranking considers eight categories that include economy, governance, personal freedom and social capital.

“Kenya’s economy is one of the worst performing in the world with very dissatisfied citizens,” reads the report.

Kenya’s economic performance was the second worst in the world after Zimbabwe while citizens were reported as having a satisfaction rate of 4.3 out of a possible 10.

“The ranking is more meaningful because it considers more than just economic growth,” said University of Nairobi economist, Dr Joy Kiiru.

Tanzania was the best overall performing country in the region coming in at 96th position while Rwanda and Uganda were ranked 98th and 100th respectively.

There wasn’t enough data to quantify Burundi’s performance.

Kenya’s dismal performance was attributed to rising inflation, low gross domestic savings and high unemployment rates.

Despite the dismal outlook, Kenyans continued to express optimism about entrepreneurship and business opportunities in the country.