Kenya is a top performer in the global economy, with gross domestic product growing 7.6% in the third quarter of 2017, according to a report released Tuesday by the United Nations’ World Economic Forum.
The country earned a C+ grade in the annual global competitiveness index, an annual assessment of economic performance by the World Bank and the IMF.
Kenya also ranked as the most competitive country in the Asia-Pacific region, and the most productive economy in sub-Saharan Africa, the report said.
Kenya’s economic performance was driven largely by exports, according the report, which was compiled by the research group at the London School of Economics.
The report was based on the latest data available.
While the growth was impressive, it is far below the 7% growth rate in 2017 that Kenya has enjoyed, and is more in line with what other nations have experienced, said Peter R. Njoro, chairman of the group and an associate professor at the University of California, Berkeley, who was not involved in the research.
Nairobi’s growth rate is now around 3.5%, but that is still below the 4.2% that the country experienced in 2016, the group said in a statement.
Kenya is still far behind South Africa, whose economy grew 8.6%, while Nigeria, a country that has experienced severe economic crises, posted a growth rate of just 3.4%.
“In general, Kenya has been an exception,” said Njororo, who heads the think tank.
“There are a number of reasons for this, including the large amount of foreign direct investment, but also the low level of inflation.”
Kenya’s economy grew at a much faster pace than most countries, growing by 6.7% in 2017.
It also led the region in terms of the amount of export revenue, with $1.2 trillion of total revenue from goods and services in 2017, the World Economic Group said.
Nijoro said the growth rate was also very much in line, and that many other nations in the region have experienced lower growth rates, like Brazil.
The IMF has been trying to help Kenya in recent years.
The fund helped fund the $1 billion Millennium Development Goal, which aims to end extreme poverty in the country by 2022.
It has also helped with other development efforts, including aid to the country’s water and sanitation infrastructure, and development of its agricultural sector.
But many of those efforts are still years away.
“It is not sustainable to maintain such low growth rate over a decade,” the IMF said in its 2017 report.
“The economic performance of Kenya should be supported by further economic and financial support.”
Kenya was ranked as one of the most economically advanced countries in the world in 2017 according to the World Values Survey, an assessment of the quality of life in 140 countries.
Kenya ranks in the top 10 for GDP per capita, a measure of per capita wealth, according data from the United Nation’s Development Program.
Kenya ranked as among the 10 best-performing economies in subregional economies in 2017 based on a separate survey, which also ranked Kenya as one that could become a top destination for investors.
“We have a huge amount of capacity, and it is a very good country, but it’s not a world-class country,” Njoros said.
“Its a very difficult place to be.”