More Kenyans should venture into business
Friday January 29 2021
Summary
According to the Kenya National Bureau of Statistics, more than 1.7 million Kenyans lost their jobs in the first three months of the pandemic.
Having glocal businesses ensures that the resources circulate within the country, resulting in a boost in the economy.
The boost is possible as glocal businesses ensure that resources remain within the nation, instead of having multinational companies, where a large percentage of the resources are moved back to their respective home countries.
Growing and nurturing local businesses is critical for the health and development of a nation. With a conducive working environment that allows for local companies to scale, glocalisation should be a priority to our country.
Kenya Economy Slumps Into Recession on Third Quarter Contraction
Helen Nyambura and David Herbling, Bloomberg News Street vendors sell second-hand clothing along a shopping precinct in downtown Nairobi, Kenya, on Saturday, Dec. 5, 2020. Kenya is seeking a loan of as much as $2.3 billion from the International Monetary Fund under the lenderâs extended fund facility. Photographer: Fredrik Lerneryd/Bloomberg , Bloomberg
(Bloomberg) Kenya slid into a recession for the first time after the economy contracted for a second straight quarter as measures introduced by the East African state to slow the spread of the Covid-19 pandemic continued to hurt output.
Gross domestic product fell 1.1% during the quarter July through September, compared with a year earlier, after shrinking a revised 5.5% in the previous three months, the Kenya National Bureau of Statistics said Thursday by email. The outcome was in line with the median of th
THE STANDARD By
Frankline Sunday |
January 29th 2021 at 00:00:00 GMT +0300
Central Bank of Kenya (CBK) has flagged the use of wrong economic data across several sectors that has led to a distorted view of the country’s recovery from the Covid-19 pandemic.
CBK Governor Patrick Njoroge (
pictured) yesterday singled out the manufacturing sector for reporting figures that are inconsistent with government economic indicators.
“We saw the leading economic indicators have been very strong in the manufacturing sector,” he said.
“However, the numbers that are reported by the sector are quite low and there’s a problem there. Something needs to be aligned.”
THE STANDARD By
Dominic Omondi |
January 29th 2021 at 00:00:00 GMT +0300
Well-wishers distributing food donations for the vulnerable communities affected by the Covid-19 pandemic at Kuwinda slums, Karen, Nairobi. [Courtesy, Standard]
Kenya posted back-to-back negative growth in the second and third quarters. The latest data from the Kenya National Bureau of Statistics (KNBS) showed that the economy contracted by 1.1 per cent between July and September 2020.
This, however, was a slightly better performance than the previous quarter (April-June) when it shrunk by a revised 5.5 per cent. In the third quarter of 2019, the economy grew by 5.8 per cent.
The numbers have come months late, owing to coronavirus disruptions, according to KNBS.
CBK shrugs off inflation fears to retain benchmark loans rate
Wednesday January 27 2021
By BRIAN NGUGI
The Central Bank of Kenya (CBK) on Wednesday retained the base lending rate at 7 per cent for the sixth time in a row shrugging off rising concerns over inflation.
The Monetary Policy Committee said it held the key rate - effectively sparing borrowers higher cost of loans - in an environment where inflation expectations were within the target range and the economy was on the road to recovery following initial disruption brought about by the Covid-19 pandemic. The Committee noted that the package of policy measures implemented since March 2020 were having the intended effect on the economy, and are being augmented by implementation of the announced fiscal measures in the financial year 2020/21 Budget , MPC chairman and CBK governor Patrick Njoroge said after its meeting.