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Kenyans to bare pain of ‘Long and Severe’ recession from 2023

1 min read
/HP

The global economy is weakening. There is a heightened likelihood of a global recession in the near future.

Increasingly global institutions and global experts are issuing warnings.

Last week the World Bank in its latest assessment said the globe was facing a real risk of a global recession in 2023.

Renowned World Economist Dr. Nouriel Roubini who correctly predicted the 2008 financial crisis has asked world leaders and economies to prepare for a ”long and ugly” recession starting with the US at the end of the year, through 2023.

”It is not going to be a short and shallow recession. It is going to be severe, long, and ugly,” Roubini told Bloomberg.

Dr. Roubini believes that once the recession in America begins it will spread to the rest of the world, Kenya included and the downtime could last all through 2023.

Emerging markets from Ghana to Kenya are already bearing the brunt of Federal Reserve Chair Jerome Powell’s move to raise borrowing costs, which is weakening currencies across the world and increasing debt-servicing costs. 

”The measures the US Federal Reserve is taking to rein in inflation in the nation may push the global economy into recession,” CBK Governor Patrick Njoroge told Bloomberg Africa.

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