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Developing and Non-Developing Economies - Essay Example

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The paper "Developing and Non-Developing Economies" informs that Kenya is emerging as a strong economy both in Africa and also in the world, due to several factors.On the other hand, Malawi is ranked the poorest and the least developing economy in Africa…
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Developing and Non-Developing Economies
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Developing and Non-Developing Economies The recently available statistics, according to an article in the Forbes Magazine, have indicated that Kenya is the fastest growing economy in Africa, as well as likely to emerge the third-fastest growing economy globally (Ho, n.p.). On the other hand, another article from the AfricanLiberty.org has reported that Malawi is the poorest and the least developing economy in Africa (Yakobe, n.p.).
Kenya is emerging as a strong economy both in Africa and also in the world, due toseveral factors. First, the geographical location of the country is favorable, since the country serves as the gateway to the East African region, with a total population of 140 million consumers (Ho, n.p.). Coupled with the free trade agreement in the East African and the South African region that the country has entered into, it has access to a total of 600 million consumer markets, making the country account for 40% of the total East African GDP (Ho, n.p.). Further the country has surprised the world with its technological capabilities and innovations that have seen the major global technology giants such as Facebook, IBM, Google and General Electric enter the country looking for technological investment opportunities (Ho, n.p.). The technological innovativeness of the country has been contributed by its highly educated English speaking youthful workforce that constitutes 65% of the country’s total population (Ho, n.p.).
On the other hand, Malawi is ranked the poorest and the least developing economy in Africa and also among the poorest countries in the world, according to the latest World Bank rankings (Yakobe, n.p.). This is occasioned by the fact that Malawi has a very high unemployment rate, with a very small economy having a GDP per capita of $267. The situation has also been worsened by the overreliance of the Malawian population on government to offer jobs and subsidies for all goods, while remaining less innovative businesswise (Yakobe, n.p.).
Works Cited
Ho, Ky Trang. Why You Should Invest In Africas Fastest-Growing Country. Forbes, Aug 9, 2015. Web. Available from: http://www.forbes.com/sites/trangho/2015/08/09/why-you-should-invest-in-africas-fastest-growing-country/ [Accessed November 5, 2015].
Yakobe, Peter. Malawi The Poorest Country In Africa: What’s The Problem? AfricanLiberty.org, March 26, 2015. Available from: http://www.africanliberty.org/malawi-the-poorest-country-in-africa-whats-the-problem-peter-yakobe/#respond [Accessed November 5, 2015]. Read More
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