Browsing: Kenya Economy

Kenya set for revival with President Ruto's bottom-up economic model.

Is Kenya’s Economic Revival around the corner?

Countries

The new administration under President William Ruto, is striving to set the economy in the right tempo having inherited a heavily indebted government.

Through debt restructuring among other key economic reforms, Ruto’s administration is committed to quell inflation and create a thriving economy for all Kenyans.

The recently published East Africa Economic Outlook report, indicates that Kenya is among the countries in the region that could face rising risks of debt distress, thus widening fiscal and current account deficits, largely due to structural weaknesses exacerbated by the pandemic and the Russia-Ukraine war.

According to the 2022 African Economic Outlook (AEO), by AfDB inflation is projected to edge up to 7 per cent, close to the upper end of the target band at 7.5 per cent, caused by greater energy and food inflation. The Kenya National Bureau of Statistics (KNBS), reported that the country's inflation rate as of October 2022 stood…

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The state of Kenya’s private sector- Country analysis

Kenya

Kenya East Africa’s largest and advanced economy has witnessed how the coronavirus has winged the trajectory of its private sector as the levels of activity and demand in May, as the virus stopped various economic interactions, a Stanbic Kenya survey showed.

According to the survey, the Purchasing Managers Index (PMI) stood at 36.7 higher than April’s 34.8.

Further, if there is reading above 50.0 it signals an improvement in business conditions as in the previous month, while readings below 50.0 show deterioration.

However, according to Regional Economist for East Africa at Stanbic Bank Jibran Qureishi said business conditions have worsened in each month of 2020 so far, with the latest deterioration marked by historical standards, according to information from Capital FM Kenya.

Also Read: Twin shocks hit Kenya’s food security; millions could face starvation

Also, the report noted that “Driving the downturn was a considerable fall in output levels in …

COVID-19 in East Africa: Kenya’s mobile money M-Pesa hurt by virus

Countries

Kenya’s Safaricom M-Pesa —one of Africa’s and East Africa’s largest mobile money service, could be affected by the coronavirus pandemic (COVID-19), as the service provider anticipates its revenue to be hit to almost $51.64 million in the three months from mid-march after it adjusted prices because of the COVID-19 crisis, according to information from Reuters

According to Reuters, the lost revenue which is almost 7.3 per cent of the mobile money service provider annual revenue, will be caused by the removal of all charges on small peer-to-peer transfers to facilitate cashless payments to help to contain the coronavirus pandemic, which has already taken a toll in other crucial sectors of the East African economy.

As one among the region’s and global leader in the industry, the South African and Britain owned company is not worried by the forecast, as the company’s CEO Peter Ndegwa told Reuters, that they anticipate getting …