The East African
Tuesday January 12 2021
Taxpayers are assisted to file their returns at Kenya Revenue Authority, iTax Support Centre in Nairobi last year. Although the tax rates had dropped on account of the pandemic, they went back to previous percentages. PHOTO | FILE | NMG
Summary
Despite hopes for a better year, a review of the macroeconomic situation in some EAC countries paints a gloomy picture, not fitting expectations.
Advertisement
The celebratory New Year mood did not last long for many citizens of East Africa.
Individuals are facing the tough economic realities of 2021, weighed down by weakening macroeconomic indicators and depletion of disposable incomes, signalling difficult times ahead.
This damning report comes at a time when many Kenyans are eager to start businesses after being rendered jobless by the Covid-19 pandemic. These people need to be supported by the government through an enabling business environment for them to thrive.
Ironically, the country has made major steps in easing the business environment, according to a World Bank ranking.
In his seventh State of the Nation address, President Uhuru Kenyatta noted that Kenya had made an 80-slot improvement since 2014, with the country currently ranked 56th globally and ranking third in sub-Saharan Africa on the Ease of Doing Business Global Ranking Report. This is from a low of 136th globally in 2014.
THE STANDARD
BUSINESS
World Bank notes among the factors limiting growth in Kenya is a high level of informal businesses in the economy. [Denish Ochieng, Standard]
RELATED VIDEOS
Share this story
I eagerly await my baby s first steps
Spina Bifida, and though rare in the general population, it is the most common neural tube defect in the world
MOST READ