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Tuesday 14 August 2018

Kenya's economy suffers after presidential election turmoil

A man walks through a cloud of tear gas fired by police during political turmoil in August (AP)
A man walks through a cloud of tear gas fired by police during political turmoil in August (AP)

Kenya's economy has suffered after months of political turmoil that saw a presidential election nullified and a repeat vote boycotted by the opposition.

The Kenya Private Sector Alliance said businesses had lost about £5.2 billion by November as a result of the instability that also left dozens killed.

The World Bank this month lowered Kenya's growth forecast for this year to 4.9%, the worst in five years.

Tourism in East Africa's economic hub has been hurt.

Simon Kabu, chief executive officer of Bonfire Adventures, said financial losses have been huge. Instead of seeing tens of thousands of foreign tourists in recent months, they have had fewer than 100.

Financial analyst Aly Satchu Khan said the slowdown has led to lay-offs in manufacturing as well.

Press Association

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