A panoramic photo of Nairobi City. Kenya's economy has been rated as the 93rd most competitive economy by The World Economic Forum (WEF)

More and more financial institutions continue to recognise Kenya as an economic powerhouse in Africa with the latest being the World Economic Forum (WEF) which has ranked Kenya as the 93rd most competitive economy globally.

The ranking entrenches the country’s economic status after Mastercard in its Global Cities Index on September 27 revealed that foreigners spent Ksh28 billion in Nairobi in 2017, one week before an AfrAsia bank report ranked Kenya as the fifth richest country in Africa.

WEF in its global competitiveness report released on October 15 ranks Kenya as the sixth most competitive economy in Africa behind Mauritius (49) South Africa (67), Morocco (75), Botswana (90), and Algeria (92).

Kenya ranks ahead of 32 African countries including Egypt (94), Namibia (100), Ghana (106), Rwanda (108), Cape Verde (111), Senegal (113), Ivory Coast (114), Nigeria (115), Tanzania (116), Uganda (117), Zambia (118), Gambia (119), Cameroon (121).

In what represents bad news for the continent, 18 of the 38 listed African countries rank in the bottom 20.

The United States, Singapore, Germany, Switzerland and Japan lead the 140 country list in respective pecking order while Burundi, Angola, Haiti, Yemen and Chad trail the money league power rankings.

READ: WORLD’S RICHEST INVESTORS EYEING PROPERTY IN NAIROBI

WEF’s report further ranks Kenya as having performed steadily in key pillars assessed by the institution. The institution compares key pillars in the country with those of the other 139 countries and gives it a score.

Labour market is Kenya’s best performing pillar according to the institution at position 60 garnering a WEF score of 59.9.

Business dynamism in the country is the second most vibrant pillar ranking at position 63 with a WEF score of 60.2.

The country’s institutions garner a WEF score of 54.6 ranking at position 64 out of the 140 countries listed.

Kenya’s infrastructure garners a WEF score of 54.8 ranking at position 105.

SEE ALSO: KENYAN SHILLING OUTPERFORMS OTHER EAST AFRICAN CURRENCIES

In addition, Kenya’s macro-economic stability gets a score of 69.5 and ranks at position 104.

East Africa’s largest economy’s ICT adoption also ranks fairly at position 113 with a WEF score of 30.2.

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