Summary of Kenyas Economy essays

Summary of Kenya's Economy essays Kenyas economy is quite diverse. Even though Kenya is one of the fastest growing countries in Africa, its economy has not developed much recently. Agriculture is its largest mean of revenue. Kenya exports several different kinds of produce, and in return receives machinery and equipment. Unemployment is very common because of the slow economy. Even though Kenyas economy has been slow, it still serves as a trade country today. Historically, Kenyas economy has been based on farming, herding, hunting, and trade. But when Britain took over Kenya, a world capitalist economy was introduced. The economy then became based upon the export of agricultural products. European farmers settled in Kenya because of the fertile soil. Their presence boosted the economy. From the early 1900s to the mid 1950s, tea, coffee, and sisal became the dominant exports. Kenyans were encouraged to produce commodities to sell at local markets to boost consumption and production. During World War II, Kenya started producing products that were formerly imported. Even though European farmers left after Kenya gained independence, agricultural exports continued to expand dramatically. Kenyas overall economic growth rate was 6.8 percent, one of the largest growth rates in Africa between the years1963 and 1980. Kenyas economy weakened during the 1980s mainly due to consequences of a rising trade deficit. The government was forced to turn to the International Bank of Reconstruction and Development and the International Monetary Fund for economic assistance. Kenyas economy had been strong and booming, but now they were forced to turn to the international community for help. As you now know, Kenya exports and imports a wide variety of products. The main exports are tea and coffee, although other agricultural products such as dairy products and eggs are also exported. Imports are comprised of ...