Friends, the 2008 financial crisis got many young adults of my age in college. Many of us didn't feel the hit of it. Its wasn't that bad if I'm asked today.
First forward. Corona virus crisis is bringing economies to its knees. Corporates and scaling back. The world is headed for, if not in, recession.
We are too much debt, at least for us in self employment and we have nothing, technically. Even our employed friends are feeling the heat. It might be much worse for them since very little is happening right now.
We have debts left right and centre. Every other mobile loan app is ringing on phone amid the crisis we are in. For those who will be laid off during these crisis things are likely to get from bad to worse if the crisis isn't contained.
I lost my job in Feb 2019 I haven't been able to find another ever since. Its an uphill task getting a job these days. Anyone loosing their job in the coming 2 or three months may be forced to brace themselves for a tougher 2020.
Those without formal employment and worrying whether they will afford rent cuts across the sphere. The landlords are wondering whether they will receive this months rent. My bank has decided to pause all loans until coronervirus has been contained. Tax holiday for the next three months.
Its so uncertain right now. No one can guarantee that life will still be there in the next ninety days. Government are stretched especially in hardly hit nations like Italy and Spain. Global superpowers are grappling with decisions. They are not sure whether its the right decisions.
In developing nations like Kenya, top government officials are taking paycuts with an aim of channeling the funds to fight against this pandemic. Coronavirus has shaken the very core of their existence.
But this is the time for leadership to rethink their plan for these countries.
In the words of Kenya health cabinet secretary in one of his daily briefings, " the worst is yet to come".
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