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Whee! Economic Growth Plunges Downwards

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Acting Finance Minister John Michuki admitted that he may have got his sums wrong when he lowered estimates for the country’s annual growth rate.

Instead of 8% growth this year, we should expect a more modest 4-5%. This compare to last year’s growth rate of 7%.

While some of the decline is obviously due to the looting and pillaging at the beginning of the year, it’s unclear whether Mr Michuki has factored in the contraction in the global economy, because his estimates for 2009 are a very respectable 9%.

Can I have what he’s smoking? I mean, it’s reassuring that the country’s top bean-counter has such confidence in our economy, and it would be nice if he was proved right. I just wish I had the same crystal ball as all the commentators who are sure that somehow Kenya is immune from global events.

[Image by TeddyBare]


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