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    Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman Highlights Key Policy Measures to Promote Export-led Growth at Exim Bank’s Trade Conclave

    Tobacco control efforts protect 6.1 billion people – WHO’s new report

    MB Patil Showcases Karnataka’s Investment Potential During Denmark Roadshow

    Roche’s Lunsumio and Polivy combination significantly prolongs remission for people with relapsed or refractory large B-cell lymphoma

    Beat the monsoon greys in style with India’s first UPF resort-wear line by Meghna Ghodawat

    Jamaica Tourism Launches a Brand-New Campaign “70 Days of Jamaica Love” to Celebrate 70 Years of Jamaica

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    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

    Live phone-in program from Bangalore Water Board on June 27th,2025.

    NMDC Invites Applications for Fully Sponsored Education Programs for Tribal Youth in Chhattisgarh

    Chief Minister of Uttar Pradesh Yogi Adityanath and Union Minister for Science & Technology Dr. Jitendra Singh today lay the foundation stone of state-of-the-art Green Data Centre at Central Electronics Limited (CEL), Ghaziabad, UP

    President of India Smt. Droupadi Murmu to preside over ‘MSME Day’’on 27th June, 2025

    “Now, agricultural research topics will not be decided in Delhi, but in the fields through discussions with farmers” – Union Agriculture Minister Shivraj Singh Chouhan

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    Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman visits International Financial Services Centre (IFSC) at GIFT City, Gandhinagar, today

    Sarbananda Sonowal Inaugurates India’s First Maritime NBFC — Sagarmala Finance Corporation Limited (SMFCL)

    President of India Smt. Droupadi Murmu to preside over ‘MSME Day’’on 27th June, 2025

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    “Indian patients no longer need to look abroad for advanced treatment,” said Dr. Sharat Damodar, Senior Consultant, Haematologist and Head of Adult BMT at Narayana Health City, Bengaluru and Chairman of the Oncology Collegium at Narayana Health.

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    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

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    DGCA carries out comprehensive surveillance at major airports, including Delhi and Mumbai

    India Opens Doors to Global EV Giants with Portal Launch under SPMEPCI

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    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

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    Sri Sai Gold Palace’s 7th store inaugurated in Malleshwaram,Bengaluru.

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    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

    Anantha Foods Opens Its Third Outlet in Bengaluru

    Board Games & Brews: McCafé hosts community Game Night

    Apollo Cancer Centres Launches ‘CanWin’.

    Protect and Perfect: How Face Yoga and Sunscreen Can Transform Your Skin

    Panasonic partners with MeitY Nasscom Centre of Excellence (CoE) to accelerate innovation in Smart Residential Living

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    Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman Highlights Key Policy Measures to Promote Export-led Growth at Exim Bank’s Trade Conclave

    Tobacco control efforts protect 6.1 billion people – WHO’s new report

    MB Patil Showcases Karnataka’s Investment Potential During Denmark Roadshow

    Roche’s Lunsumio and Polivy combination significantly prolongs remission for people with relapsed or refractory large B-cell lymphoma

    Beat the monsoon greys in style with India’s first UPF resort-wear line by Meghna Ghodawat

    Jamaica Tourism Launches a Brand-New Campaign “70 Days of Jamaica Love” to Celebrate 70 Years of Jamaica

  • National
    • All
    • Economy & Politics
    • Election

    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

    Live phone-in program from Bangalore Water Board on June 27th,2025.

    NMDC Invites Applications for Fully Sponsored Education Programs for Tribal Youth in Chhattisgarh

    Chief Minister of Uttar Pradesh Yogi Adityanath and Union Minister for Science & Technology Dr. Jitendra Singh today lay the foundation stone of state-of-the-art Green Data Centre at Central Electronics Limited (CEL), Ghaziabad, UP

    President of India Smt. Droupadi Murmu to preside over ‘MSME Day’’on 27th June, 2025

    “Now, agricultural research topics will not be decided in Delhi, but in the fields through discussions with farmers” – Union Agriculture Minister Shivraj Singh Chouhan

  • Business

    Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman visits International Financial Services Centre (IFSC) at GIFT City, Gandhinagar, today

    Sarbananda Sonowal Inaugurates India’s First Maritime NBFC — Sagarmala Finance Corporation Limited (SMFCL)

    President of India Smt. Droupadi Murmu to preside over ‘MSME Day’’on 27th June, 2025

  • Health

    Apollo Cancer Centres Launches ‘CanWin’.

    Protect and Perfect: How Face Yoga and Sunscreen Can Transform Your Skin

    Panasonic partners with MeitY Nasscom Centre of Excellence (CoE) to accelerate innovation in Smart Residential Living

    Herbalife’s Aloin Identification Method for Aloe Vera Officially Recognized by AOAC INTERNATIONAL

    “Indian patients no longer need to look abroad for advanced treatment,” said Dr. Sharat Damodar, Senior Consultant, Haematologist and Head of Adult BMT at Narayana Health City, Bengaluru and Chairman of the Oncology Collegium at Narayana Health.

    WHO issues first global guideline to improve pregnancy care for women with sickle cell disease

  • Technology
    • All
    • Environment
    • Science

    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

    AMD Unveils Vision for an Open AI Ecosystem, Detailing New Silicon, Software and Systems at Advancing AI 2025

    U.S. Insurers to More than Double AI Investment in the Next 3-5 Years: Wipro Report

    Union Minister for Agriculture and Farmers Welfare Shivraj Singh Chouhan to visit Hyderabad on Monday

    Inaugural program of “Vidhan Soudha Guided Walking Tour” on May 25.

    LTIMindtree Signs MoU with IIM Mumbai to Launch Postgraduate Program for Executives in AI-led Experience Design

  • Auto

    DGCA carries out comprehensive surveillance at major airports, including Delhi and Mumbai

    India Opens Doors to Global EV Giants with Portal Launch under SPMEPCI

    Force Motors along with BMW Group India Celebrates the Roll-Out of its 100,000th engine from the Chennai Plant

    Clara Luciani, Kavinsky & Please Join the Line-Up of Renault’s festiv4L

  • Sports

    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

    BCCI mourns the passing of Dilip Doshi

    Amruta Fadnavis Ropes in Arjun Kapoor & Nushrratt Bharuccha for Soulful Yoga Day with 1,000 Marginalised Women

    Union Minister Dr. Mansukh Mandaviya leads Fit India Sundays on Cycle in New Delhi in collaboration with Yogasana Bharat; Says Even One Pedal in cycle is Making India a Fitness Powerhouse

  • Entertainment

    A New Era in Luxury Weddings – Vogue Wedding Atelier Debuts in India

    GenS Life and Dowith Lit Present ‘Senior Spotlight’: Bengaluru’s Open Mic Celebration for the 55+

    PMJ Jewels Launches PMJ SuperStar Bracelet and ‘Celebrating Daughters’ Campaign

    ‘Waves’ an OTT platform that offers clean family-friendly content: Sunil Bhatiya, Deputy Director General, Doordarshan Kendra, Panaji

    Sri Sai Gold Palace’s 7th store inaugurated in Malleshwaram,Bengaluru.

    Lulu Mall Hosts Bangalore’s Biggest Non-Alcoholic Holi Celebration

  • Lifestyle
    • All
    • Food
    • Travel

    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

    Anantha Foods Opens Its Third Outlet in Bengaluru

    Board Games & Brews: McCafé hosts community Game Night

    Apollo Cancer Centres Launches ‘CanWin’.

    Protect and Perfect: How Face Yoga and Sunscreen Can Transform Your Skin

    Panasonic partners with MeitY Nasscom Centre of Excellence (CoE) to accelerate innovation in Smart Residential Living

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COVID-19 Dampens Kenya’s Economic Outlook as Government Scales up Safety Net Measures

by FWM
April 30, 2020
in National
0

NAIROBI, April 29, 2019 — Kenya’s gross domestic product (GDP) is projected to decelerate substantially in 2020 due to the negative impact of the COVID-19 (coronavirus) pandemic. Economic growth projection remains highly uncertain and the outcome will hinge on how the pandemic plays out internationally and within Kenya, along with policy actions taken to mitigate the situation. The latest World Bank Kenya Economic Update (KEU) predicts growth of 1.5 percent in 2020 in the baseline scenario, with a potential downside scenario of a contraction to 1.0 percent, if COVID-19 related disruptions in economic activity last longer.

The government’s immediate action has focused on strengthening the health system which faces an extraordinary challenge to contain the spread of COVID-19 and care for the infected. Further health policy measures such as working from home, travel restrictions, the closure of schools, the suspension of public gatherings, and a nightly curfew, are necessary to delay the spread while the country ramps-up investment in its healthcare systems. Nonetheless, they are also quite costly to the economy by reducing social interaction, production and demand across all sectors.

“We recognize that Kenya must balance between reducing the spread of the virus and cushioning Kenyans particularly informal workers and youth who make up 70 percent of the population from the adverse economic effects posed by COVID-19,” said Felipe Jaramillo, World Bank Country Director for Kenya. “In partnership with other development partners, we are supporting the Government of Kenya through financing and technical advice to strengthen its health systems capacity to contain the spread COVID-19.”

The hardship from the crisis would disproportionately befall the poorest and the most vulnerable households in Kenya. Many of these depend on farming (for the rural), self-employment and informal wage (for the urban). Protecting their earnings and reaching households through cash transfers is considerably more challenging due to a nascent system of social safety nets, lack of proper physical address system, and updated welfare registers. It is critical, therefore, for the country to scale up available social assistance programs to provide poor households with food, water, and other basic supplies to cope with the crisis. It is also important, to customize COVID-19 spread containment measures to reflect local context and peculiar constraints faced by government such as limited fiscal space, and much less operational capacity to respond to help households and firms weather the crisis.

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“Supporting small businesses and protecting jobs to cope with the negative effects of COVID-19 crisis is particularly critical at this time,” said Peter W Chacha, World Bank Senior Economist and Lead Author of the report. “This could be done by ensuring that vulnerable households have cash-on-hand, workers continue to receive salaries – even when temporarily laid-off-and that firms have enough cashflow (to pay workers and suppliers) and avoid bankruptcies.”

Kenya’s medium-term growth is projected to rebound fast (to about 5.6 percent over the medium term), on assumption that investor confidence will be restored soon after the COVID-19 pandemic is contained. The greatest uncertainty to this outlook, however, is the extent of the impact of COVID-19 global pandemic on Kenya. Unanticipated large-scale community transmission of COVID-19 could disrupt domestic economic activity more severely and reduce growth below the baseline. Residual risks include potential for drought and a second-round of locust invasion in mid-2020, which could reduce agricultural output and hurt rural incomes.

The report’s policy section focuses on options to strengthen healthcare system and testing capacity, to support firms, and to protect the most vulnerable households to cope with the COVID-19 global pandemic.

Tags: COVID-19 (coronavirus) pandemic.

FWM

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