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We are in a recession!
This is the stark reality that the world is facing and it has come sooner than many have predicted thanks to the covid-19 coronavirus. Already, the world is reeling from shock at the sheer magnitude of effect the virus has had on every aspect of life.
In addition to the lives and man-hours lost, the world will take a long time to recover from the hit. The global economy has suffered massive losses since the WHO announced the threat of the disease which was made public globally on December 31, 2019.
Already, airlines have started manifesting the effects of the coronavirus outbreak with Kenya Airways (KQ) staff taking a pay cut starting with newly appointed CEO Allan Kilavuka who will see his salary whittled down by 80 per cent from the 35 per cent he had announced earlier.