Business
Kenya’s Economy Estimated To Lose Sh1Trillion Due To Coronavirus
The dwindling Kenyan economy is now estimated to make a Sh1 trillion ($10 billion) loss due to the viral COVID-19 disease a new report by management consultants McKinsey & Company will show.
The countries GDP is expected to take a dip due to the lack of revenue from tourism and exports like flowers.which will, in turn, disrupt the supply chain for key inputs in machinery and chemicals. “The biggest impacts in terms of loss to GDP are reductions in household and business spending (50pc), disruption to supply chain for key inputs in machinery and chemicals (30 pc) and tourism (about 20pc),” says the report.
The last time this happened was during the Late 2nd President Moi’s tenure where the Goldenberg scam led to the loss of at least Sh105 billion ($1 billion).
The new report says that economic growth will slump to 1.9pc from the current 5.2pc. The Central Bank of Kenya last month said it was expectingthe economic growth in the country to be 3.4pc a drop from an initial estimate of 6.2pc.
Kenya has so far recorded 110 positive coronavirus patients and 3 deaths and is now beginning to feel the financial strain caused by the pandemic that has caused close 50,000 deaths and over 1 million infections all over the world.
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