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Kenyan Treasury sees 2020 economic contraction of at least 50%

As economy comes to a standstill following Covid-19 pandemic.
Kenyan health workers dressed in protective suits walk after disinfecting the residence where Kenya's first confirmed coronavirus patient was staying, in the town of Rongai near Nairobi, Kenya March 14, 2020. Image: Reuters

Kenya’s economy could contract by at least 50% this year following a plunge in export revenue, diaspora remittances and tourism earnings, according to its National Treasury.

“The drop in demand, disruption of the supply chain and the sharp deterioration of global financial conditions has negatively affected tax revenue collection with the government responding through various measures to ‘save life’ and safeguard the economy,” Treasury Secretary Ukur Yatani said in an opinion piece in the Business Daily newspaper.

© 2020 Bloomberg

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