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Uhuru breaks down Kenya's Sh560B loss over Covid-19

Miriam Mwende

March 12, 2021 5:23 PM

Kenya takes a hit over Covid-19 pandemic

President Uhuru Kenyatta during a national address on March 12, 2020

President Uhuru Kenyatta has explained that the country lost a total of Sh560 billion following the Covid-19 pandemic.

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During his Friday address from State House, the president explained that despite the loss, the country had still registered growth in the economy.

"The Kenyan economy was projected to grow by 6.2% in 2020, it grew by only 0.6%; thanks to COVID-19 Pandemic. 20. This translates to a loss of approximately Sh 560 billion of GDP arising from the resultant economic downturn. And this is the price we had to pay in 2020 for the bold decisions we made to contain this economic free fall.

"In fact, data the world over, indicates that our 0.6% growth rate and a loss in GDP, was an acceptable economic reality under COVID. If our economy grew by +0.6%, the global economy grew at a rate of -3.5%, that of the Euro Area by -7.2%, the United Kingdom by -10% and sub- Sahara African economies grew by at a negative rate of 2.6%. This means that economies around the world shrunk, but Kenya’s did not despite our major sacrifices," the President stated.