In Summary
  • Employers will fire workers to reduce operation costs due to a slump in economic growth.

  • Many businesses are grappling with a decline in trade.

  • Leaders should ensure peaceful demonstrations to prevent losses.

Experts have warned of an economic meltdown and job cuts if the repeat presidential election stand-off is not urgently addressed.

Ms Rose Mwaura, the national vice-chairperson of the Institute of Certified Public Accountants of Kenya (ICPAK), on Wednesday urged President Uhuru Kenyatta and National Super Alliance (Nasa) flagbearer Raila Odinga to put national interests above their partisan interests.

JOB CUTS

She said the election deadlock was impacting negatively on the economy and it might lead to job cuts to reduce operation costs.

“We are concerned that the continued political uncertainty is hurting our economy. The prolonged political activities have seen Gross Domestic Product growth slow down to five per cent in recent months,” Ms Mwaura added.

Addressing a press conference at PrideInn Paradise Beach Resort in Mombasa, the ICPAK official said that according to the 2017 budget review and outlook paper, the Kenya Revenue Authority is missing revenue collection target by Sh2.6 billion per month because of the poll stand-off.

“The private sector entities are grappling with loss of business opportunities,” she warned.

SHUN CHAOS

Ms Mwaura asked political leaders and members of the public to shun violence so that peace prevails.

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