World Bank: The COVID-19 epidemic has increased poverty in Kenya by 2 million, and the economy will shrink by 1%
Kenyan media reported on November 26 that a new report from the World Bank shows that the COVID-19 epidemic has increased poverty in Kenya by 2 million, and more than one in five Kenyan enterprises have laid off workers.
The impact of the epidemic on livelihoods and the sharp decline in income and employment have made Kenya’s poverty alleviation over the past five years. The strength is frustrated.
The World Bank reports that Kenya’s economy has fallen into recession, predicting Kenya’s economy to shrink by 1% in 2020, or 1.5% at worst. As the global economy will fall into recession, Kenya’s negative impact may also last for a long time.
The report also mentioned that Kenya’s economic activity slowed down due to the impact of the epidemic, and the government cut some tax cuts to ease the burden on businesses and the people, resulting in lower-than-expected tax revenue this year, and more spending to strengthen the health care system, resulting in a fiscal deficit to 8.2% this year.