Curbing Debt-Fueled Unrest in Emerging Markets
For years, Kenya has been attempting to restore its fiscal health with a well-designed strategy involving economic adjustments aimed at boosting growth, support from international financial institutions, and a rescheduling of its debt repayments to other creditors. Why hasn't it succeeded?
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NAIROBI – The recent protests in Kenya reflect the frustrated aspirations of young people for higher-quality social services and better economic opportunities. It also highlights the difficulty – in Kenya, and across the developing world – of achieving macroeconomic stability at a time of considerable global uncertainty. How can Kenya and other developing economies overcome the challenges they face?