By Michael Mundia Kamau
Kenyans should stop being told to be like Singapore, because if anything, Kenya’s economy is stronger than Singapore’s economy.
Here is why. As at March 2026, the external debt of Singapore stood at approximately US $ 2.6 trillion, while Kenya’s external debt stood at approximately US $42 billion as at December 2025. As at March 2026, each citizen of Singapore owed approximately US $423,020 of Singapore’s external debt, and as at December 2025, each citizen of Kenya owed approximately US $794 of Kenya’s external debt.
Additionally, as at March 2026, Singapore’s external debt as a percentage of Singapore’s Gross Domestic Product (GDP) was 392 per cent (392%), while as at December 2025, Kenya’s external debt as a percentage of Kenya’s Gross Domestic Product (GDP) was 29 per cent (29%).
As at March 2026, Singapore’s external debt was 136 per cent (136%) of the country’s total wealth, and as at December 2025, Kenya’s external debt was 9.7 per cent (9.7%) of Kenya’s total wealth.
Is the Kenyan economy better than Singapore’s?
So on paper, Kenya’s economy is performing better than Singapore’s economy, and the Singaporean economy should stop being used as the standard that the Kenyan economy should aspire to. On a related note, the economies of South Korea, Indonesia and Thailand were rescued by the International Monetary Fund (IMF) during the 1997/1998 Asian financial crisis.
IMF gave a rescue package of US $ 58.2 billion to South Korea to avoid South Korea from defaulting on foreign debt and a rescue package of US $ 42.3 billion to Indonesia to avert the collapse of the Indonesian banking system, and to avert the collapse of the Indonesian currency (the rupiah).
Further, the IMF gave a rescue package of US $ 17.2 billion to Thailand to avert the collapse of the Thai currency (the baht). South Korea has a Gross Domestic Product (GDP) of US $ 1.87 trillion compared to that of Singapore of US $ 604 billion; i.e. the South Korean economy is stronger than the Singaporean economy, yet the South Korean economy had to be rescued by the International Monetary Fund (IMF) during the 1997/1998 Asian financial crisis.
Indonesia has a Gross Domestic Product (GDP) of US $ 1.4 trillion compared to that of Singapore of US $ 604 billion; i.e. the Indonesian economy is stronger than the Singaporean economy, yet the Indonesian economy had to be rescued by the International Monetary Fund (IMF) during the 1997/1998 Asian financial crisis.
Kenya and Kenyans should therefore stop being told to aspire to be like Singapore. If anything, as illustrated above, the Kenyan economy is stronger than the Singaporean economy.
