Kenyais a country that is on the African continent and falls under thecategory of developing economies. This report will discuss theeconomic growth of the country for the last 2-3 years and establishwhether the nation is on a noble course of economic growth.
Thegross domestic per capita for the country has been growing. In 2013,the GDP per capita was US$ 1073.5 while in 2014 and 2015 was US$1101.23 and US$ 1133.46 respectively. According to World Bank, thepopulation growth in Kenya was last measured in 2014 and stood at2.64% annually (The World Bank Group, 2016). The Kenyan economy is anopen economy since it is in a trade with outside regions. Comparingthe unemployment rate in Kenya with that of the United States, it isevident that the U.S. rate is lower compared to that of Kenya.However, the two countries have a commonality in that their rates ofyouth unemployment are high. The percentage of GDP that comes fromexports for Kenya was 15.8%, 16.9%, and 18.1% in 2015, 2014, and 2013respectively. Alternatively, the percentage of GDP from imports for2013, 2014, and 2015 was 33.1%, 34.2%, and 29% respectively (TheWorld Bank Group, 2016). The major export for Kenya is horticulturalproducts while the chief import for the country is machinery andtransport equipment. The type of economy of the developed country isa mixed economy. In the past one year, the country’s currencycompared to the U.S. dollar has changed since its rate of exchangehas strengthened, but by a small margin.
Fromthe analysis of the different economic indicators, I believe thecountry is on a good course of economic growth. The macroeconomicpolicies put in place can be indicated to play a role in realizingthe growth that the nation is experiencing.
TheWorld Bank Group (2016). WorldBank Data.Retrieved fromhttp://data.worldbank.org/data-catalog/world-development-indicators