The AmCham Economic Outlook Forum provides an annual forward-looking prognosis for business climate insights and perspective on Kenya's market potential for businesses.
The 2020 Forum held on January 31, 2020 was attended by over 70 members.
Dr. Geoffrey Mwau, Senior Economic Advisor to the Cabinet Secretary at the National Treasury, representing the Principal Secretary Dr. Julius Muia, presented the Government's projections on the economy this year with the following highlights:
He highlighted the following as the focus areas for government in 2020:
The AmCham Board President, Phillipine Mtikitiki, delivered the AmCham 2020 Economic Outlook statement. She acknowledged the significant improvements made by Kenya in areas such as ranking on the ease of doing business index, visible growth in new investments and expansion of existing operations, the launch of the Kenya Investment Policy and President Kenyatta's directive to clear pending payments to businesses by the government and process VAT refunds.
She however noted that the current economic slowdown experienced in the country is a pointer to the need for action on the following key issues:
She called on the government toput in measures to grow the economy so that there is consistent increase in business opportunities, growth and number and quality of jobs created, collaborate with the private sector and ensure that pronouncements and declarations filter into action for tangible benefits.
He reiterated the need for comprehensive data as a basis for decision making, highlighting that data would help establish the real rate of growth of Kenya's economy that is not government driven through public projecys, that is, what is the real private sector-led growth of the economy.
He further discussed the results of data collection efforts and stakeholder engagement across all 47 counties that USAID undertook over the last year to inform the development of a new 5-year engagement strategy with Kenya.