Regional business to rise by 11% in 2023
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Loading... - Jahi Michael
- 08 Aug 2022
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A new index capturing how business stakeholders perceive the business environment in the East African Community points to an 11 percent upswing in business during 2022 and 2023.
The Business Barometer launched Friday, July 29, was commissioned by East African Business Council (EABC). It shows that the rate of investments, operation and performance of businesses in the bloc is recovering with a value of 11 per cent indicating slight optimism in the coming year.
“This slight optimism corroborates the survey findings in the report regarding the impact of the pandemic on business and the perception of the business community on the effectiveness of the measures introduced by governments in response to the pandemic,” reads a section of the 82-page report on the barometer on the state of business and investment in EAC amid the Covid-19 pandemic.
The pandemic had profound effect on businesses in the region that led to, among others, closure of borders, airspaces and ports thereby restricting movement of goods and persons. Containment measures employed by states to curb the pandemic such as curfews and closure of certain businesses negatively affected businesses in various ways.
Businesses in Burundi, Kenya, Rwanda and Uganda reported reduced cost of doing business while those in South Sudan and Tanzania felt that the costs increased during the pandemic and recovery relative to a year before the pandemic.
On Business outlook during 2022 into 2023, most businesses in Rwanda, South Sudan and Tanzania are optimistic about: improvements in the business climate, businesses performance, government interventions for business recovery, recovery from losses suffered during the pandemic and expansion of businesses to other markets within the EAC after the pandemic. Read More…
