Economy DOOMSAYERS will really love this article:
https://www.nation.co.ke...38502-gb8mty/index.html
A few questions to Okoth (the article writer)
1. Who says a few job losses in a handful of big visible companies translates to a declining economy overall? Last time I checked the Kenyan economy is a vast behemoth spanning a multifaceted number of sectors, each of which has thousands if not hundreds of thousands of businesses, companies, sole proprietorships etc etc Isitoshe it has the largest informal sector in all of Africa, which also happens to be the overwhelming portion of the economy. One or two companies have a NEGLIGIBLE impact on overall GDP unless they are Safaricom or EABL: and we know how those companies are doing. Safaricom alone is near 50% capitalization of the entire casino (NSE). This year it declared its LARGEST profits ever. That should tell you something.
2. Who says cutting jobs means an economic decline in a particular industry? If Sparkles for example is running his mandazi kiosk business in Kayole, and decides to fire two of his five casuals in order to boost his bottom line and make bigger profits, how is that an indicator of an economic decline in Sparkles' mandazi business fortunes? Restructuring, downsizing and re-hiring are a NORMAL AND ORDINARY course of life for all businesses.
This is the problem of a
sirikali saidia, government owes me a job society. INstead of creating their own jobs as the government creates a requisite enabling environment, the society wants to sit jobless at home crying in self pity every day and marveling at how they are jobless in an economy growing steadily at 5%+ annually.