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global recession-is Kenya starting to feel it?
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Magigi
#1 Posted : Monday, March 30, 2009 6:52:00 AM
Rank: Elder


Joined: 3/31/2008
Posts: 7,081
Location: Kenya
I have just watched some news where earnings from the flower industry have come down by 40%. The west is not buying as much as it used to. The effects of this,of course are obvious-job cuts in the flower industry etc. The tourism industry continues to suffer as less people have little money to spend on vacations. The mass lay offs and closures of hotels at the coast last year is a good example of how globalised the economy is. Talk of riple effects! Is there anything the government can do to save the situation? In my opinion,no. In the past our government has failed to sort out small problems. So,my advise to you is - save and save and save. You never know that job you think is so secure may not be there tomorrow.
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Magigi
#2 Posted : Monday, March 30, 2009 6:54:00 AM
Rank: Elder


Joined: 3/31/2008
Posts: 7,081
Location: Kenya
...So,my advise to you is - SAVE and SAVE and SAVE. You never know that job you think is so secure may not be there tomorrow.
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ngwono
#3 Posted : Monday, March 30, 2009 7:01:00 AM
Rank: Member


Joined: 8/8/2008
Posts: 201
Good advise

Without Holiness no man shall see God.Dear God,mould me to be a vessel of honour at this End times,to remain Obedient to your Word in all situations.Amen!
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PONDI
#4 Posted : Monday, March 30, 2009 8:33:00 AM
Rank: Veteran


Joined: 5/8/2007
Posts: 885
good advice...i suspect we shall see a dramatic increase in the crime rate too for obvious reasons

He who laughs last thinks slowest..
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Magigi
#5 Posted : Monday, March 30, 2009 2:47:00 PM
Rank: Elder


Joined: 3/31/2008
Posts: 7,081
Location: Kenya
141 Zain staff laid off. Global recession?

Landrover tells us: Jus have a buddy who got affected. She told me that they were given 3months salo plus one month salary for every year worked. Some airtime,Also a counselor at Aga khan to offer services to them.

...some airtime and a counsellor....!!!
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ecstacy
#6 Posted : Monday, March 30, 2009 2:49:00 PM
Rank: Elder


Joined: 2/26/2008
Posts: 4,449
starting?? Capital flight hit this country long before Zain's Arab oil money was re-budgeted
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jammo
#7 Posted : Monday, March 30, 2009 6:25:00 PM
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Joined: 2/12/2008
Posts: 345
I fired my secretary! Smart nosed trouble rouser! Had nothin to do with recession. Anyway..FKE statistics projected 50% private companies layin of and realigning their human resource! For skerians likely to join mlefu on couch potatoing... Hope u hav enough reserves to last 6months.

The race is not always to the swift..nor the battle always to the strong..nor food always to the wise..nor riches always to the intelligent..favor is not always to the skilled..or learned..but time and chance happens to all. Ecl9:5..
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oga.meno
#8 Posted : Monday, March 30, 2009 6:49:00 PM
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Joined: 3/30/2009
Posts: 50
Onset of the rains will effect some patch on our economy for it is mainly based on extractive agricultural.

...the proverbial tortoise and hare...
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stockyt
#9 Posted : Monday, March 30, 2009 7:35:00 PM
Rank: Member


Joined: 9/15/2006
Posts: 41
yes,dont ignore global recession-last year in the midst of PEV-flower industry surpassed target in that early year( must have heard somewhere they make a big chunk of annual earnings in first quarter of year.

it could mean that with all the talk and excuses of PEV for reduced performance in economy generally,we could be in for a very big surprise come global recession effect.

We actively did something to stop Pev,cant figure out much that we are doing to counter global recession,unlike in the west.

Could we be just sitting duck -our destiny depending on how west will counter the recession? but of course they 'whites with blue eyes' - to quote the brazillian Lula- have to be forefront because theycreated it.
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Kaigangio
#10 Posted : Tuesday, March 31, 2009 5:35:00 AM
Rank: Elder


Joined: 2/27/2007
Posts: 2,768
Once the recession starts to hit us really good there will be no help for it,especially from our broke government front,and the stage will be set for each one for himself and God for us all...

NEVER TALK OF A RHINO IF THERE IS NO TREE NEAREBY - ZULU PROVERB
...besides, the presence of a safe alone does not signify that there is money inside...
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mlefu
#11 Posted : Tuesday, March 31, 2009 6:55:00 AM
Rank: Elder


Joined: 2/11/2007
Posts: 1,680
Location: nairobi
been there done that.. welcome.. remember the thread on saving during hard times..well..READ READ REREAD..this stuff about saving..hakuna kitu kama hiyo.

muthomi mugi aiikagia maitho kabere...
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kanda
#12 Posted : Tuesday, March 31, 2009 7:22:00 AM
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Joined: 3/10/2008
Posts: 68
@Magigi

i agree with the general thrust of your argument,though some of the evidence you have adduced may not be factual....the mass layoffs in the tourist sector in early 2008 preceded the recession and were clearly temporally related to the PEV.

anyhow,when you say SAVE! SAVE! do you mean cash in the bank,stocks,property,bonds.....which? i am keen in preparing myself for the hard times that are sure to be upon us soon.

there is talk of a housing bubble that could go bust anytime so i will try and avoid property,but maybe land is a safe bet. stocks have gone to the dogs and there is no promise of a quick recovery....there are good deals there alright but as someone keeps saying here....cash is king in these times. are govt bonds/bills really a guaranteed investment...what if the govt goes 'broke'? i feel cash in bank would still suffer the vagaries of inflation.

so please someone give some guidance on how to SAVE! SAVE!!
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chi20
#13 Posted : Tuesday, March 31, 2009 8:06:00 AM
Rank: Member


Joined: 10/24/2008
Posts: 223
made to understand that kenya balance of trade is postive among african peers,and more lucrative than in the western. in west,the second wave of the recession has just begun. the danger posed here is that these african countries rely heavily on the west for their bilateral and multi lateral trades,where reduced activities results to low gdp for these african countries,and therefore low trade/ activities with kenya. this translates to second rate recession for us,in which we are yet to get a feel of the first western recession. mambo bado,tighten belts bros

mwana wa kahii. . . .. .
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mukwano
#14 Posted : Tuesday, March 31, 2009 8:29:00 AM
Rank: Member


Joined: 11/15/2006
Posts: 44
if K rep banks reasons for their loss are genuine ... its time to worry. seeing EABL fired a warning shot too (job cuts) it may be time to panic.

http://www.bdafrica.com/...d=13741&Itemid=5880
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Sober
#15 Posted : Tuesday, March 31, 2009 8:46:00 AM
Rank: Elder


Joined: 11/27/2007
Posts: 3,604
we are experiencing what the west did 4 months ago: job cuts,reduced sales,disparity in forex market among others. what is the worst that could happen? any ideas

A likely impossibility is always preferable to an unconvincing posibility.
African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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VituVingiSana
#16 Posted : Tuesday, March 31, 2009 9:27:00 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,097
Location: Nairobi
Unless you are an MP.

Kenya needs to buckle down & cut down on imports that have substitutes here like food imports like sauces,beans,juices,etc.

support local industries then expand export markets to other African countries.

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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