Abstract or Introduction
Kenya is the fourth largest economy in Sub-Saharan Africa with a GDP of 29.5 billion and an annual growth rate of 2.6 percent. Kenya is also the largest economy in East Africa and this has helped in positioning the country as an infrastructural, industrial, financial, and economic hub in East and Central Africa.
Kenya has a vibrant economy endowed with several natural resources including soda ash, wildlife, and agriculture with tea and coffee being the main exports from the country. Agriculture is the main economic contributor with a GDP of 25 percent to the economy. The service-based economy is changing with many manufacturing companies arising in the production of food beverages, cement, stone plaster, and chemicals thus giving the country a comparative advantage in the global market.
Despite the current growth rate in the country, the International Labour Organization (ILO) Report indicates that the poverty levels in the country are still high with 20 percent of the population living in less that 1.25USD a day, and half of the Kenya population is living below the poverty line. With a population of 45 million people, the employment levels in the country especially in urban areas are a challenge to the country.
- Quote paper
- Caroline Mutuku (Author), 2018, Tourist Destinations. Economic Development in Kenya., Munich, GRIN Verlag, https://www.grin.com/document/424588