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Thursday, January 12, 2023 – Treasury Cabinet Secretary, Prof Njuguna Ndungu, has urged Kenyans to prepare for tough times ahead since the country’s financial levels were rising to unimaginable levels.
Speaking during the public hearing of the budget-making process that brought together stakeholders from different sectors, including representatives from the Executive and the Legislature in Nairobi on Wednesday, Prof Ndungu said the country’s financial forecast for the year 2023 doesn’t look good at all.
“From all the things we have analyzed, the outlook of 2023 is not looking very good, there are clear signals that it is going to be a tough year,” Ndungu said.
The CS remarks came at a time when Kenyans are facing tough economic times with energy and food costs soaring amid high inflation.
In the last two years, the economy has been hit hard by the lingering effects of the pandemic and the war in Ukraine, events that devastated global markets as seen in skyrocketing oil and food prices.
“Multiple factors are likely to come into play and affect the growth prospects across the globe,
For instance, if the Russia-Ukraine conflict continues to escalate, the global supply chains will continue to be affected, thereby causing supply disruptions and a surge in inflation…” he added.
The Kenyan DAILY POST