The world is again on the edge over the conflict between Russia and Ukraine as well as the ongoing impact of the Covid-19 pandemic. The past two years have brought many unexpected events which have significantly changed the way we do things.
On the one hand, the world is still fighting its way through a pandemic many hoped would be long over by now. On the other hand, the pandemic has bred a new set of challenges for individuals and businesses alike.
To all of us, a lot of adjustments have been made as a way of surviving the lurking threats of the constantly mutating strains of the virus. This has continued to pose an interconnected threat to our health and collective well-being rooted in social and economic disruptions.
Businesses remain profoundly affected by the negative impact of the pandemic. Although we noted a semblance of stability in the second half of 2021, the outbreak of the highly transmissible Omicron became the curveball that threw the economic recovery off track and the global economy into a frenzy.
The International Monetary Fund (IMF) has warned that the conflict between Russia and Ukraine poses a great economic risk that could hurt the anticipated post-Covid-19 recovery. This uncertainty has kept the global markets seesawing as investors struggled to judge the economic implications.
Locally, the prolonged adverse impact of the pandemic on businesses, especially on small and medium-sized enterprises (MSMEs), was too severe to recover from in a calendar year. More would need to be done to ensure these businesses bounce back.
Businesses are already juggling a slew of interconnected challenges, including ensuring the safety of their staff and customers, bolstering capital and liquidity, reorienting operations to meet emerging customer demand, and navigating convoluted and uncertain futures.
Across East Africa, although recovery remains asymmetrical, the Covid-19 infection rates have fallen significantly. In Uganda, the government has opened schools and lifted the dusk-to-dawn curfew after almost two years. Rwanda remains a reference point on vaccine uptake.
Kenya, South Sudan, Tanzania, and Burundi have seen economic recovery gaining momentum. In essence, economic recovery is central to their forward-looking agenda, whether governments actively manage outbreaks or return to normalcy.
Perhaps it is poignant to note that the threat is still alive with increased mutation of the virus. It’s probably correct to say that 2022 is the year to put the rubber to the road by revisiting past goals and turning them into action items.
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