NAIROBI, Kenya, Oct 24 – Kenya’s private sector has so far lost about Sh700 billion as the prolonged electioneering period continues to bite the economy.
Kenya Private Sector Alliance Vice Chairperson Patrick Obath says if prolonged further the economy will continue to hurt on the expense of politicians.
“This loss is only in the four months that the electioneering period was open,” Obath lamented.
The Alliance wants the Thursday polls to go on as planned in a bid to save the wrecked economy.
In the first quarter of the year, the economy expanded by 4.7 percent compared to 5.3 percent same period 2016 mainly due to poor agricultural performance.
The second quarter registered a growth of 5 percent compared to 6.3 percent recorded similar quarter 2016.
The International Monetary Fund (IMF) has cut Kenya’s economic growth forecast for the second time, pointing to the country’s hard times.
In its World Economic Outlook, October 2017, the IMF expects the economy to grow by five per cent in 2017, slightly lower than their projected growth of 5.3 per cent in April.
The new forecast also sees the economy growing at five percent in 2018.
The economy grew by 5.8 per cent in 2016 compared to 5.6 per cent in 2015.