adminKenya’s economy is expected to grow by less than 2.5 percent this year, the finance minister said last Friday, as more evidence of the economic damage caused by the health crisis emerges.
The projected growth rate will be a slide from 5.4 percent last year, Ukur Yatani told a virtual event to launch budget making for the 2021/22 financial year, battered by loss of jobs, a steep contraction in tourism and a drop in government revenues.
“The Covid-19 pandemic is likely to cause a major economic shock,” the minister said.
Thousands of workers have lost their jobs and some employees have had their hours reduced.
The tourism sector, which many households rely on for their livelihoods, is expected to contract by 18,7 percent this year and 9.1 percent next year, before it starts to grow slightly in 2022, the Treasury said. — fin24.com.
Online Reporter