NAIROBI, Kenya, Jan 1- From wars, to a prolonged drought and then el-nino rains, to a falling shilling and rising global inflation, 2023 has been a year of a kind.
It will be the year that will go down in history as being marked by two big wars – an ongoing conflict in Ukraine as it fights off a Russian invasion and Israel-Gaza war, both that have left devastating destruction and led to massive loss of lives.
In an interview, Kenyan investor Nazir Jinnah said that the consequences of these geopolitical tensions, coupled with the enduring financial crisis and global economic turmoil, have exacerbated existing inequalities and inflicted widespread hardship.
“The effects of governance failures and economic ruin resulting from geopolitical conflicts have been acutely felt across the globe,” Jinnah, a director of Conrad Law LLP and English Point Marina, said.
“From the crisis in Ukraine to the strained relations between major powers, we’ve seen a cascade of challenges that have left many communities in a state of despair.”
Jinnah pointed out the interconnectedness of these global issues, emphasizing that the financial crisis and economic turmoil have further widened the gap between the privileged and the disadvantaged.
“The financial fallout has been particularly severe, deepening existing inequalities and pushing vulnerable populations to the brink. As we take stock of 2023, it is evident that the repercussions will be felt for years to come,” he said.
Amid the gloom, Jinnah urges a forward-looking perspective in 2024.
“In the face of adversity, there are lessons to be learned. As we navigate the complexities of a world grappling with inequality and suffering, it is imperative that we prioritize empathy, collaboration, and international cooperation,” he said.
He called for a collective effort to address the root causes of global challenges.
“We must use the experiences of 2023 as a catalyst for positive change. Whether in governance, economic policies, or international relations, the choices we make in the coming year can shape a more equitable and compassionate world,” he said.
As the world anticipates the uncertainties of the year ahead, Nazir Jinnah’s reflections on the year of inequality and hardship serve as a call to action, inspiring individuals, communities, and nations to strive for a future where humanity prevails over adversity.
In his New Year’s address to the nation delivered from State House Nakuru, Ruto admitted that he made some choices that, in the short term, were painful but beneficial in the long term.
These, he said, included cutting expenditure by up to Sh400 billion to reduce borrowing and introduction of new tax measures to enhance tax revenues by Sh600 billion.
“The choices we have made over the last year were neither easy, populist, nor convenient; they were however meaningful, appropriate, and necessary,” the President said.
As a result, Ruto said the country has taken commendable strides, triumphed over the threat of economic stagnation, and is now in a secure position with regard to its sovereign debt obligations.
“Inflation has reduced to 6.8 percent and our GDP is growing at the rate of 5.4 per cent, placing Kenya as the 29th fastest-growing economy globally,” he added.
The President further pointed out that the decision to scrap subsidies saw food production soar by 40 per cent at a fraction of the previous cost while millions of Kenyans secured jobs under the housing programme as well as entrepreneurial opportunities, both locally and abroad.
