Kenya has been covered widely in economic news over the last decade, from the first large-scale application of mobile money to a vibrant technology hub in Africa. Indeed, Kenya experienced robust economic growth from 2005-06 to 2015-16, growing at an average annual rate of 5.3%, higher than the average in Sub-Saharan Africa. This growth translated into gains in the fight to reduce poverty, with about 4.5 million Kenyans escaping poverty. Poverty measured under the national poverty line declined from 46.8% to 36.1% of the population. However, a closer look shows that not every segment of the population benefited from this impressive growth.
Few countries can match Cabo Verde’s development progress over the past quarter of a century. Its Gross National Income per capita (GNI) grew six-fold. Extreme poverty fell by two-thirds from 30% in 2001 (when poverty measurement began) to 10% in 2015 (see first chart) which translates into an annual poverty reduction rate of 3.6%, outperforming any other African country during this period. Non-monetary poverty also dropped fast (see second chart). In many ways, Cabo Verde is a development star, and these achievements were made despite the disadvantage it faces as a small island economy in the middle of the Atlantic.
By 2035, Cameroon aspires to join the ranks of industrialized, upper-middle-income nations with low poverty rates, strong economic growth, and a functioning democracy. To realize that goal, the government’s strategy (Document de Stratégie pour la Croissance et l’Emploi, DSCE) envisions annual GDP growth rates of 5.5 percent and the creation tens of thousands of formal jobs each year. With a relatively more diversified economy than its more oil-dependent peers in the CEMAC region, the country seemed well-poised to achieve its objectives until at least halfway through the decade. However, Cameroon has been facing a combination of external headwinds and internal constraints that present challenges to its development aspirations, poverty remains high at 37.5 percent (in 2014).