Economy –Entrepreneurship in Kenya is quickly sliding down due to fear of taxation. New economic Research has indicated.
In a Tuesday December 5 report released by The Stanbic Bank Kenya Purchasing Managers Index PMI, the private sector remains the most hit.
“The performance of Kenya’s private sector started to decline in September, and the latest monthly reading is one of the weakest since the series began almost a decade ago,” the PMI indicated.
Unfavorable conditions led by high taxation makes key issues that are leading to poor business environment in Kenya which the private sector is now running away from.
“Driving the downturn in operating conditions was another historic increase in business costs during November”.
The PMI findings also noted that the ever-depreciating shilling which has now hit 153 against the world dollar as well as fuel cost was also a contributing factor.
This weakening of the Kenyan shilling has led to high-cost importation as businesses incur high production costs of their products.
Many products have gone up due to high petrol and Diesel costs.
Currently, many firms and businesses are firing workers so that ease themselves from high operating costs and expenses.
Some businesses have also closed shop as some flee the country for greener pastures elsewhere.
President William Ruto, recently said that the economy was looking better than how he found it a year ago.
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