Monday, October 7, 2019
The economy of a specific developing country Essay
The economy of a specific developing country - Essay Example Kenya is located in the eastern part of Africa that is strategic for water transport because of the availability of good harbors that are easily accessible to vessels from most parts of the world. This makes Kenya to be strategically advantaged considering the fact that sea transports constitutes significant percentage in promoting international business. In addition, the country has several natural resources including oil that was recently discovered and natural wildlife that contribute significantly to the national income. Further, Kenya has a good human resource base considering that 70% of the population age is below 35 years and most people are well educated (Embassy of United States 1). Of more significance, economic growth in Kenya has been positive in the recent past and is considered as the regional powerhouse. Most election years are characterized by decreased economic growth resulting from political uncertainties in the country. This is evidenced by decline in GDP growth from 7.1% in the year 2007 before elections to 1.6 % in the year 2008 after presidential elections characterized by ethnic violence (Embassy of United States 1). This was not the case in the recently concluded presidential election where the national GDP growth was maintained at around 5% (The World Bank Group 1). According to The Brookings Institution, Kenyan economy acts as an anchor to the regional development in east Africa (1). This is because the country operates on a mixed economy with advanced human capital base and also adoption of technological innovations in the communication sector. On the other hand, Kenya experiences several types of inequalities that affect economic development in one way or another. To start with, there is income inequality in Kenya where few rich citizens control much of the national income (Heifer International 1). This has consequently led to increased poverty levels in the country. In addition, there is unemployment in equity between
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