Comparing Economies

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Comparing Economies

By | Jan. 2011
Page 1 of 3
To see how well a country has developed, people mainly judge by the total GDP value, there are also many type of indicator, such as the HDI, number of mobile per person etc. In this essay I have mentioned 3 countries- Kenya, Hong Kong and UK, to see how they have developed in the past 10years and what is the problem that hinder its improvement. Kenya is a tropical country which lies on the equator. Agriculture and tourism are two of the most flourish industries, they bring the country with the major part of income. 75% of the Kenya population made their living by taking part in the primary production, but their income can merely support the cost of living of the whole family. In 2008, total nominal GDP was $30.2 billion and $857 for GDP per capita. With exchange rate considered, the total GDP in Purchasing Power Parity was $60.4 billion. Human Development Index of Kenya in the year of 2006 was only 0.491, which stated an extremely low civilised level in this country, people could not receive proper education and the life expectancy were comparatively low. Unemployment rate reached 40% in 2009; the main cause is the increasing population. Economic reform and liberalization began to carry out in the early 90s. Kenya government undertook a series of economic measures with the assistance from the World Bank and the International Monetary Fund. However, in the 2000, the bad weather condition made the economy to slow down. Furthermore, as the government didn’t carry out action to meet the commitment, the IMF and World Bank refused to give financial support. The Kenya Economy was in a depression at that age. The situation was slightly improved in the next few years when the new president Kibaki took up the post. Various economic reforms were put into practice and had finally resumed the cooperation. In the recent years, Kenya government has been more ambitious. The annual growth rate keep on increasing from the 2005, they are now in a growth by encouraging...