KNOWLEDGE CENTRE
What did China and South Korea do that Kenya did wrong?Kenya is among the richest countries in Africa, having ranked the sixth biggest economy in the continent behind Nigeria, South Africa, Egypt, Algeria and Morocco in terms of GDP. Kenya is also the sixty second largest economy in the world in terms of PPP by the year 2021. This is not bad for a country invested with chronic corruption syndrome since independence and beyond. This is a clear testimony that if Kenyans were given a conducive environment to create wealth, they can either lead in Africa or beyond. Statistics shows that Kenya is highly dependent on Services, Agriculture and Manufacturing in that order. The 2020 statistics by statistica.com shows that Kenya's economy is deeply dependent on the services sector at 42.19%, Agriculture at 35.15% and manufacturing at 16.18% as shown below. Despite its prowess in employing almost 70% of Kenyan population, Agriculture is not producing enough resources to compete with the services sector. In Comparison with South KoreaSouth Korea has the 16th largest economy in the world with some of the worlds largest manufacturing companies such a Samsung, LG, Hyundai and Kia Motors. From the two tables above, we can deduce the fact that South Korea's potential lies with Industry and Services but Agriculture contributes a meagre 1.76% by 2020 statistics. In Comparison With ChinaJust as South Korea, The most wealthy nation in the world in terms of PPP and second wealthiest in terms of GDP is highly dependent on industry and services with Agriculture contributing a meagre 8%. What can Kenya Learn from South Korea and China?
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