Nairobi — President William Ruto has boasted of his administration's economic turnaround in the last two years following the drop of the inflation rate from 9.6 percent in September 2022 to 2.7 percent in October this year.
The President expressed that the inflation rate is the lowest witnessed in the country in the last 17 years which his government has drastically reduced despite the local and external economic outlook that have spelled doom in the country.
In the State of the Nation to both houses, he assured that the macroeconomic indicators were poised for a positive turnaround under an upward trajectory in the economic indicators including the shilling performance and inflation rate.
"Allow me to highlight a few milestones that underscore this problem. The shillings have stabilized, significantly appreciating from Kenya shillings 162 to the dollar in February 2024 to Kenya shillings 129 today, a remarkable gain of 20% recovery,"President Ruto said.
The Head of State mentioned that his regime is working tirelessly to improve the economy, which he disclosed recorded a 5.6 percent growth last year and is projected to grow 5 percent this year. The move is aimed at stabilizing the economy.
President Ruto promised plans have been mooted to reduce government staff so as to manage the ballooning wage bill and further enhanced measures to expand the business tax revenues which has grown by 11.5 percent in the year.
"We haven't been watching helplessly and doing nothing as adversity took a toll on the economy and undermined the livelihoods and well-being of the people,"the President said.
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"We have been working tirelessly to steer the country away from the brink of unprecedented economic growth and onto a more promising trajectory. The second point is that while we may not be where we would like to be, we are certainly not where we were two and a quarter years ago,"he added.
The President highlighted measures which his government has instituted which include the drastic reduction of expenditure and mobilization of resources through increased taxes and reduce wastage in public resources.
"As I informed the nation then, matters were going to get more difficult before they could get better and we all had to tighten our belts and work hard under very unforgiving conditions.Since my last address, Kenya has undergone rapid change occasioned by the collective awakening of the people President Ruto remarked.
