“The economy is hit hard” Says Ukur Yatani

Slow down of services has hit hard the economy
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Coronavirus-hit economy to grow at 2.5pc

Treasury Cabinet Secretary Ukur Yatani says the slowdown of services has hit hard the economy contracting to 5.4 percent last year from 6.3 in 2018

Speaking during the launch of the Kenya National Bureau of Statistics (KNBS) 2020 Economic Survey Yatani said that on the back of the Covid-19 pandemic, and a depressed global economy, the projected 6.3 percent growth is not achievable. This means that the country is entering its lowest trajectory since 2008 when it registered a 0.2 percent rise due to post-election violence.

“Slow down of services has hit hard the economy” Says Ukur

In regard to this year’s Economic Survey, the slow growth was a result of poor performance by the agriculture, manufacturing, and building and construction sectors.

The CS added that “This year’s performance will be determined by how the long Coronavirus pandemic disrupts lives and businesses”

However, the government has formulated numerous policies and programs targeted to bringing up the rapid transformation of the economy while the treasury is planning to undertake studies in various sectors of the economy to assess the impact of COVID-19.

Felicity Gitonga
Felicity Gitonga is the founder of Africa Business News. abn, freelance writer, journalist, and author with a passion for telling stories.

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