William Ruto was declared the winner of the election on his first try.
A week after an election that was set against a backdrop of soaring living costs and ballooning debt, the winner was announced. He said he would spend 500 billion shillings to support entrepreneurs and farmers and create jobs for millions of unemployed youths.
Some of the biggest economic challenges the incoming president faces are listed.
The government has to introduce subsidies on food and fuel due to rising consumer prices. The increase in inflation has made it more difficult for people in the country to make ends meet.
The World Bank says that more than a third of the people in the country are living in extreme poverty. Their lack of buying power means that poor people in the country face food insecurity, low levels of education, and reduced access to basic services.
The plight of the poor in the city is worse than ever. According to the African Population and Health Research Center, more than half of the population in the capital city are poor. The lack of access to healthcare and education contributes to high levels of disease and mortality.
In May, public debt hit a new high of over 7 trillion shillings, up from 1.9 trillion shillings in the previous year. The country is classified as being at high risk of distress by the International Monetary Fund due to the increase in the ratio of debt to GDP.
The debt of the country has increased fivefold.
The National Treasury and the Central Bank of Africa are related.
The nation's debt ceiling was raised by 11% last month to 10 trillion shillings, giving the government more money to cover its budget shortfall. According to the Treasury, the country spent almost half of its tax income to pay off loans.
The cost of servicing the public debt is expected to hit a record in the current fiscal year. The sixth-most vulnerable country in the world to a debt crisis is Kenya. China is the largest foreign creditor after the World Bank.
According to the International Labour Organization, the number of unemployed youth in the country is over 12%. It is double the official unemployment rate. According to the World Bank, as many as 5.2 million young adults are unable to find meaningful employment, which is a pressing concern for policymakers.
The unemployment rate for young people is more than double the official rate.
The International Labour Organization has something to do with labour.
According to the Growth Lab at Harvard University, the country will expand 4.3% through the year 2030. Uganda will be the world's fastest-growing economy in the period. Agricultural goods and minerals are the main exports from the country. The growth lab says that countries with more sophisticated exports grow faster.
As a sophisticated economy, it's dropping in the rankings.
The Harvard Kennedy School has an Atlas of economic complexity.
The decade since 2012 has seen economic growth in the country. The country wanted to grow the economy by 10% per annum between 2012 and 2030 in order to transform it into a middle income country. The low growth trajectory has made it difficult for the country to cut down on poverty.
The economy has grown at a slower rate than expected.
The National Bureau of Statistics is based in the country.
One of the biggest issues in the country is corruption. According to the head of the public service, Joseph Kinyua, one third of the nation's annual budget is lost to corruption. As much as 2 billion shillings is stolen from the government every day, according to the president. The country scored just 30 points for its efforts to fight corruption in the index. The 26 points it got in 2016 was a slight improvement over the 26 points it got in the previous year.
The country is ranked among the most corrupt.
There is a source of transparency international.
According to the non-profit, the country is vulnerable to climate change. The majority of the country is arid and semi-arid, and the country is exposed to extreme natural events.
According to a government submission to the United Nations Framework Convention on Climate Change, an average dry spell results in a food deficit of as much as 30% and cuts GDP growth by as much as 5%. 3.4 million people were facing starvation and half a million didn't have access to water because of the two different periods of dry weather. The country is currently in a severe dry spell.
Climate change is a problem for the farming sector in the country.
The food and agriculture organization of the UN.
The country has pledged to reduce its greenhouse gas emissions by 30%. According to a government document sent to the UN framework convention on climate change in 2020, the country needs $62 billion to mitigate and adapt to the climate crisis by the year 2030.
Arijit Ghosh and Monique Vanek helped with the project.
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