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Last
week’s decision by Kenya’s supreme court to
nullify the result of the recent general
election and demand a new poll has highlighted
the precarious nature of that country’s
economic, political and social progress in
recent times.
In many ways, Kenya exemplifies
the pros and cons of emerging markets. On the
one hand, you have a rapidly growing and young
population and an economy benefitting from a
strong entrepreneurial spirit and technological
innovation. On the other, there are major
barriers to progress with voting patterns driven
by ethnic identity, high levels of
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corruption, stalled
infrastructure projects and a mounting debt
problem. The country has fared better than other
large African economies, largely due to its
limited exposure to the commodities cycle. But
recent data shows economic growth stalling and
this latest political upheaval is likely to
impose further constraints on
progress.
The leaders of the two
political parties who will fight it out in the
polls once again in the next two months are both
members of Kenyan political dynasties that date
back to the fight for independence from Britain.
This is a large part of the problem and it is
hard to see how Kenya can fulfil its potential
while its governance is so tied to its past.
Unfortunately, for the time being, Kenyan voters
have no alternatives.
Guy Dunn
P.S. Here are a few articles on
developing African economies from the EMIS
platform last
week.
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SOUTH AFRICAN
INDUSTRIALISTS TO HEAD TO UGANDA IN SEARCH OF
NEW MARKETS
In the
latest exercise to assist black industrialists
find markets and investment opportunities, a
group of industrialists are heading to Uganda
this month. So far, 50 projects with an
estimated grant value of R1.3bn have been
supported through the Black Industrialists
Incentive Scheme since the inception of the
programme in 2015.
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MEXICO ICT SECTOR REPORT
2016/2017
Mexico is home to the
second-largest ICT sector in Latin America
(after Brazil) in terms of subscriber numbers.
Nevertheless, the country presents relatively
low penetration rates in the main ICT products
and services – such as mobile telephony,
fixed-line telephony, broadband internet and pay TV.
This is largely explained by the high level of
income inequality prevailing in the country –
Mexico had the second-worst performance on this
indicator among OECD countries in
2015.
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| CEIC DATA POINT OF
THE WEEK
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| CEIC
Data is a sister company of EMIS and
part of the Euromoney Data
Division
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INDIAN AUTOMOBILE
SECTOR
The Indian automobile
sector is one of the largest in the world,
ranking 5th in both production and sales of
motor vehicles. Since July 1st India implemented
its new Goods & Services Tax system which is
expected to give another boost to the already
expanding auto industry
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| Below are
the most read articles in the past week on EMIS
Perspectives, our daily blog of emerging market
news and insights.
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PHILIPPINE
GOVERNMENT LIFTS UBER
SUSPENSION
Uber
Philippines (Uber Systems, Inc.) has paid a fine
of P190 million and showed proof of financial
assistance worth P299.24 million to affected
drivers and operators, prompting the Land
Transportation Franchising and Regulatory Board
(LTFRB) to lift its suspension of
operations.
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SOUTH KOREAN
GOVERNMENT PROPOSE 429 TRILLION WON BUDGET FOR
2018
The South Korean
government will submit a budget proposal to
boost its total spending for 2018 to 429
trillion won, a 7.1 percent increase from last
year, as President Moon’s Jae-in administration
seeks to increase household income and job
creation, Yonhap News reported.
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ABOUT EMIS
EMIS operates in and
reports on countries where high reward goes
hand-in-hand with high risk. We bring you
time-sensitive, hard-to-get, relevant news,
research and analytical data, peer comparisons
and more for over 120 emerging
markets.
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EMIS CHARTING
TOOL
EMIS CHARTS uses
selected data points from the subscription-based
EMIS service, to provide you with an interactive
overview of sectors, key players and
macroeconomic trends across 120+ emerging
markets and allows you to create your own
charts.
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searchable archive
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2017 EMIS, all rights reserved.
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