This archive report was first published on 7 July 2021.
Published on July 7, 2021, the Kenyan economy is facing numerous challenges, including new taxes, a BBI stalemate, and delayed rains. However, amidst the pessimism, there are reasons to stay optimistic.
As a business or potential entrepreneur, creativity and ingenuity are now your greatest assets. The potential for innovation is unlimited, and entrepreneurs should tap into their own ingenuity and creativity to solve problems. The problem in Kenya is that no one wants to pay for new ideas, but patents and copyrights exist to keep off those who ride on free ideas.
There are a few businesses whose creativity is now paying off, such as Java, the coffee chain, which has introduced Java Express, occupying smaller spaces. This is a great example of thinking outside the box and adapting to changing circumstances.
Other reasons to stay optimistic include the end of Covid-19, which is near, and the subsequent economic recovery. Mass vaccination will lead to increased demand for goods and services, and entrepreneurs should be preparing to take advantage of this opportunity.
Kenya's international networks also offer opportunities for growth. Other countries are markets for our goods and services, and their success in mass vaccination is our success too. The economy forecast is hopeful, with a growth rate of 4.5 per cent expected this year, as forecasted by the World Bank.
Improvements in infrastructure, such as roads, railways, power, and ports, herald growth and the productive potential of the country. Innovators are helping us solve our problems, and innovation is so prolific that economists are wondering if the law of diminishing returns should be repealed.
Food security is another reason to stay optimistic, with good harvests ensuring the population is well fed and healthy despite Covid-19. The nation is also becoming modernized, with things developing to catch up with the developed world.
Finally, there are new frontiers beyond our small planet, with over 4,000 planets outside the solar system discovered so far. Who knows, one day you could relocate one of your businesses to another planet.
