The paper "Gross Domestic Product Statistic for Kenyan Economy" is a perfect example of a micro and macroeconomic case study. The World Bank defines a low-income country as a nation with less than $400 per capita income and is lacking infrastructure as well as an industrial base. The population is normally high with low living standard consequential from low income and high poverty rate. How to describe the change in a country over time The country’ s change in economic growth can be measured using the per capita real income since this is a key factor in measuring a country’ s economic development as well as the GDP.
The GDP depict the worth of final goods and service that is generated in an economy for a given period. The life expectancy and the level of education is also a key indicator of the economic development this can be measured using the human development index, which provides a summary of the growth in the living standards, the level of, life expectancy, as well as the extent to which education is improved (Ansley Johnson Coale, 2012).
The effectiveness of the human development index implies that an economy is improved and effective since, there is long life expectancy ratio, highly skilled labor force, as well as improved living standards consequential from better healthcare. The economic reasons for this change The change is brought about by a decline in the rate of unemployment due to improved and increased level of literacy as well as a reduction in the level of inflation caused by the economic crisis. A country that sustains the adverse effect of the global financial crisis would lead to steady economic growth.
The improvement in terms of trade and balance of payment would lead to effective exchange rate and consequently, the currency of the country will be strong which will attract foreign direct investors into the country. The net effect is that a country economy will grow leading to improved living standards due to high per capita income. The Data gathered from the world bank in Kenya as a developing country Gross domestic product (GDP) statistic for the Kenyan economy The world bank report provides that Kenya is one of the low-income countries as per the GDP and human development index this is because Kenya economy has been incompatible from 1963.
Ansley Johnson Coale, .M.H., 2012. Population Growth and Economic Development in Low Incom.
Douglas McTaggart, .F..P., 2026. Economics - Page 420.
Marc Fleurbaey, .-, 2013. Beyond GDP: Measuring Welfare and Assessing Sustainability.
Nafziger, E.W., 2006. Economic Development - Page 190.
Sheku Bangura, .N.K..P., 2000. External Debt Management in Low-Income Countries.
Yujiro Hayami, .G., 2005. Development Economics: From the Poverty to the Wealth.