Category: Business Daily

They say time passes ruthlessly. That eventually, everyone must kneel at the altar of Father Time, and account for the hours and minutes and seconds, and that no matter how much time one has, one will never have enough time with time. That isn’t necessarily a bad thing-or a good thing-it’s just a thing.

Some 10 Kenyan firms, led by electric mobility company Roam, are in the list of Africa’s 130 fastest-growing, even as the country trails two of the continent’s biggest economies, Nigeria and South Africa.

Retail chain Quickmart, Serena Hotels, KCB Group and Co-operative Bank are also in the list dominated by firms dealing in goods and services with a high consumer demand.

Fifty companies are from South Africa and 28 from Nigeria, with the pair accounting for a combined share of more than half of the 130, reflecting the size and entrepreneurial depth of the two economies.

Kenya’s economy is set to expand faster in 2026 as inflation remains unchanged, reflecting a recovery that global lenders indicate will test the balance between growth and cost-of-living measure.

The latest World Bank’s Kenya Economic Update shows that market perceptions expect inflation to hold at 5.0 percent in 2026, unchanged from forecasts for 2025 and 2027, and higher than the 4.5 percent recorded in 2024.

At the same time, the multilateral lender projects real gross domestic product (GDP) growth of 4.9 percent in 2026, up from 4.7 percent in 2024, indicating a gradual strengthening of economic activity.

When highs and lows are guaranteed in life and in investing, coaches and financial advisors would call for stoicism-never getting too high or too low on outcomes.

Development economist Charles Abugre leads a team of peers whose goal is to drive unconventional approaches on economic policy and development in Africa.

They say time passes ruthlessly. That eventually, everyone must kneel at the altar of Father Time, and account for the hours and minutes and seconds, and that no matter how much time one has, one will never have enough time with time. That isn’t necessarily a bad thing-or a good thing-it’s just a thing.

Everybody is trying to make every minute of the present last forever. Preserve every second. But 2025’s time is up, and BDLife went through its contact list and called up a few executives, to wish them a Happy New Year but also to find out: How was their last year? Did they keep the promises they made to themselves? What are they no longer chasing?

Eric Kimani, Palmhouse Dairies Executive Director

‘I am getting younger and younger.’

What has brought you excitement over the course of the year?

It has ended on a strong note, having begun on a gloomy one, almost on all pillars of my life. My commercial interests and spiritual levels were down. Everything felt low. Now I feel rejuvenated and in good health. The companies are doing better than I thought, so I generally ended better than I started.

How then would you describe the year, with a word, a song, or a drink?

Haha! It was a celebratory year for me. I was particularly happy with my health markers; I am in good health, but God forbid I don’t speak out of turn [chuckles]

What did you stop chasing in 2025?

It’s becoming clearer that I can’t chase time. I need to stop hurrying. I read that in book, ‘The Ruthless Elimination of Hurry’ by John Mark Comer. And if there is one thing I want to eliminate this year, it is hurry. I want to just enjoy life and take it a little slower.

But you’ve also written a book on abundance (Wisdom For Abundant Living). What has been abundant in your life in 2025?

Without sounding religious, the abundance of grace in my life. Everything, the puzzles seem to fall in place, and I can only call it unmerited, unearned, and undeserved. I’m grateful for the grace upon my life.

Is there a habit you returned to or left in 2025?

The one habit I have consolidated and improved totally is keeping fit. I’ve improved on my spiritual anchoring.

What else have I left to improve? The problem with me, I only see the good parts [chuckles]. And, I’m keeping more commitments to myself.

What boundary are you drawing for 2026?

Well, I think Alan Jackson has sung the song, ‘The Older I Get.’ The older I get, the more I pray, and also the older I get, the more I don’t give a damn [chuckles].

If there’s a truth or a tip that you could give to anyone stepping into 2026, what would that be?

Positivity and an abundant outlook, even in the midst of all the difficulties. You know, funny enough, life just happens to all of us, whether you live in Mathare or Runda or wherever.

Life will still happen, whether you like it or not, so why not face it with a more positive outlook and a more abundant belief, and agree with yourself that it will be okay and it will be better?

What is a small shift you will make that will make the biggest difference in 2026?

To take it easy. I tend to do a bit too much, too many things. Good things, nothing I regret, but I want to just take it a bit easier.

Did you keep the promises you made to yourself in 2025?

The two resolutions I kept were: One, I was to keep closer to my friends. A couple of friends whom I hadn’t seen for many years I didn’t see or hadn’t kept my promise to check up on them. That I have done. And two, is to get closer to God. I have done better than that previously. That was a resolution I made, and I have been a better person by far.

What has been 2025’s most unexpected drift?

My daughter gave birth to a baby boy. That was the greatest gift this year and it lifted me. Now I keep getting younger and younger [chuckles].

Grace Murugi, Digital.AI Founder

‘If it works, it works.’

What was this year’s most unexpected gift?

After years of being in the corporate space and working for Scan Group, Safaricom, and Oxfam International as a digital strategist, I decided to gift myself and start my own company that is empowering organisations and individuals with knowledge in the AI space. Now I get to set the tone, do the things that I am most passionate about, and set the culture for my organisation and empower people, which is my way of giving back.

What fear or longing did you confront in 2025?

Fear of the unknown. When you’re starting an organisation, you don’t know what’s going to happen on the other side, whether it will or won’t work out. But everything you have ever wanted is on the other side of fear. If it works, it works. If not, we pick ourselves up and go again.

What mistake did you make in the year that has set you up for later success?

I’ve always been authentic. So maybe the mistake is not toeing the line or keeping the peace, and that sometimes comes with consequences. I speak my truth, and that sometimes lands me in trouble.

What’s a personal memory you are carrying into 2026?

Remembering my why. It keeps me focused, and my why is family. I have a picture on my phone, a wallpaper of my family, and when things get thick or I am frustrated, I simply think about my family and want to keep going.

What habit helped you survive the year the most?

Resilience. Keep going, even when things are not going as expected. Actually, the way I started the year and the way I’m ending it are completely different. I have a totally different life, and I owe that to resilience.

What are you personally more careful about now that you were least careful about last January?

How I spend my day. I was a yes-er to everything, so the way that I spend my time has definitely become more strategic now than it was in January. I would join meetings and attend events, and do all sorts of things. Now I am particular about how I am spending my time.

What’s your kick-ass moment of 2025?

Launching my firm. That was brave.

Describe your 2026 with a song, a dance, or a meal.

2026 is a dragon fruit-flavoured ice cream. You don’t know what’s coming, but if we’re brave enough to do the things you said we do, we will be surprised by the outcome.

What do you hope 2026 will answer for you, personally?

I’m hoping that 2026 will be calm and that I’ll be brave. I’m an adrenaline junkie. I’ve done things like skydiving, bungee jumping, ziplining et al. but I think at some point I stopped being brave.

I’m hoping that 2026 will be the year when I go back to those things. Also want to learn a new skill, and I am thinking of going deep sea diving and later to Barista school to learn how to make coffee professionally. If you know a good school, tell me.

Claire Munene, AJUA Chief Experience Officer

‘I will still choose the road not taken.’

What has been the most exciting part of your year so far?

Accelerated learning and testing out the things I’m learning in the area of customer excellence and AI. The failures are now making it easy to know which situations I can avoid.

Personally, the most exciting thing this year has been the book project ‘Why Intentionality Matters’ and getting together with women and going around and sharing my experiences and my journey so that other people can pick up and grow.

I’m blessed to have had an opportunity to be able to pour into someone else’s life from my own experience.

When you look back over the year, what feelings come to you?

Roller coaster, and the periods of silence where you just had to be still to think and move forward. Roller coaster in the sense that things move very quickly around the bend, and then you come to the slow places where you need to adjust the tempo again. It’s been like a dance whose music you don’t know, but you have to pick up the tune.

If I were to freeze a moment in time for you in 2025, which one would it be?

Whoa. Rest with my family, a week away in Shela at the Coastal region during the Easter period.

What did that do for you?

It was amazing because it was not just my nuclear family but also my in-laws and my mom. It was a time to share and catch up with how everybody was doing and to rest, refresh and reset. And enjoy.

What are you leaving in 2025?

Haha! Trick question that one. There is a word that keeps flashing in my head, but I am worried about saying it. The word is high-pressure, and how to allow seasons of high pressure, but the problem is not the pressure, but the acceptance of it. I want to make an intentional choice not to take on other people’s pressures. How do I say that in English? [chuckles]

How are you different from the Claire you were in January 2025?

I am more resolute. When I am pulled into things, I pace myself, rather than jump in hook, line and sinker. I need to live a little, and many times when you give yourself away too much, you leave nothing for yourself, and that can be exhausting. Leave something for yourself.

Describe your 2025 with a meal, a song, or a dance.

It was definitely not Rhumba haha! 2025 was like making naan bread. I actually learned how to make naan bread by the way, and it has different ingredients, flour, yeast, water et al.

My 2025 begun with setting plans, commitments and responsibilities, but now the kneading is the hardest part, and that could be messy but it built the strength and structure that I needed. And I know I have to learn some patience, because even after kneading the dough, you set it aside to rise.

That period of waiting and the patience required have been extremely uncomfortable, and that is how 2025 feels-because naan cooks on intense heat and high pressure.

What is your word for 2026?

From the author Robert Frost. This is my rendition: I will still choose not the road less travelled but the road not taken.

Dr Maxwel Okoth, founder of Ruai Family Hospital

‘This is my year of take-off’

What has been this year’s most unexpected gift?

Cutting all the noise and listening to myself and choosing inner peace.

What has inner peace looked like?

Self-awareness, clarity of mind and knowing what you can and cannot handle. Basically, not trying to be a hero.

What belief or assumption about yourself has this year proven wrong?

We plan, but things won’t always go according to type. Our industry has had a lot of turbulence this year, and you may have had your own strategic plans, but the world has its own, and you need to be agile to adjust and conform to the realities of the moment.

What has been your proudest moment of 2025?

Understanding the value of family and just being present. I have achieved a lot personally. I finally floated on water, after 38 years [chuckles]. I can’t swim, but I can float haha! And I have been consistent in working out.

Did you keep the resolutions you made in 2025?

I needed to know how to ride a bicycle, but I haven’t done that. I learned how to float on water, and I resolved to start playing golf, which I have. I also went back to business school.

How are you different from the man you were in January 2025?

I am more aware and have come to know when to say no, which was a struggle for me because I almost thought I’d please and be there for everyone, forgetting myself.

Nowadays, I listen to myself first, ‘Is it worth it?’ Still, I also plan to be a more present dad, and just trying to be there for the business, despite it being a tough year, but making things work all the same.

How have you kept sane despite the upheaval of the year?

I was losing it [chuckles]. Working out consistently has really helped me a lot. That and prayers, waking up every morning and whispering to God a prayer that He may hold you despite the upheavals.

Describe your year with a song, a quote, or a meal.

There are two songs I have sung this year. One is ‘Gracefully Broken’ by Tasha Cobbs Leonard. Sometimes God breaks you to fix you. The other is a Tanzanian song, by Neema Gospel Choir, and the song is ‘Nikurejeshee.’

What is your top tip for 2026?

A man’s toughest years are their mid-30s to their 40s. I close the chapter of my 30s as I enter the 40s in 2026, and I want to believe I have run the runway, and I am ready for take-off; and I pray to God to allow me to take off to the highest of heights.

This is a year of take-off, despite the challenges, we stay focused and keep pushing on. Have the faith that God will make it work.

Kenya’s economy is set to expand faster in 2026 as inflation remains unchanged, reflecting a recovery that global lenders indicate will test the balance between growth and cost-of-living measure.

The latest World Bank’s Kenya Economic Update shows that market perceptions expect inflation to hold at 5.0 percent in 2026, unchanged from forecasts for 2025 and 2027, and higher than the 4.5 percent recorded in 2024.

At the same time, the multilateral lender projects real gross domestic product (GDP) growth of 4.9 percent in 2026, up from 4.7 percent in 2024, indicating a gradual strengthening of economic activity.

The outlook suggests that the economy is emerging from a period of weak growth, marked by tight financial conditions, softer household demand, and disruptions from floods and political unrest.

It however remains to be seen if the improved growth outlook will rev up jobs.

In 2024, the Kenyan economy added the fewest jobs since the 2020 coronavirus pandemic as growth slowed, dealing a blow to the Ruto administration’s plan to ease the mounting youth unemployment.

About 782,300 new jobs were created in 2024, down from 848,100 new hires a year earlier. Last year’s figures are yet to be released.

According to the World Bank, real GDP growth slowed to 4.7 percent in 2024 but gained momentum in early 2025 as monetary conditions eased and public investment picked up.

‘Real GDP growth slowed to 4.7 percent in 2024, but it accelerated in the first half of 2025, growing by 4.9 percent in quarter one of 2025 and 5.0 percent in quarter two of 2025,’ the lender said.

The recovery has been supported by improved performance in construction, driven by lower interest rates, increased public investment and the settlement of road-related arrears.

‘The construction sector is recovering, supported by a reduction in monetary policy rates, increased public investment, and payment of road arrears,’ it wrote in the update.

The World Bank projects real GDP growth to average 4.9 percent over the 2025 to 2027 period, underpinned by macroeconomic stability and a gradual recovery in private sector activity.

It raised its growth forecast for Kenya, citing low inflation, easier monetary policy, stronger credit growth and resilient agriculture as key drivers behind the revision.

However, the lender’s inflation outlook indicates that price pressures may firm alongside the growth recovery rather than continue easing.

Market perceptions captured in the update show inflation stabilising at 5.0 percent in 2026, suggesting that stronger demand and recovering investment could exert upward pressure on prices.

The International Monetary Fund (IMF) shares a similar view, projecting real GDP growth to rise to 4.9 percent in 2026 from a forecasted 4.8 percent in 2025.

The IMF also expects inflation to increase to 5.2 percent in 2026, up from a projected 4.0 percent in 2025, signalling firmer price pressures as the economy gains momentum.

These projections, however, contrast with the Central Bank of Kenya (CBK)’s more benign inflation outlook over the next year.

The country’s apex bank has recently cut its inflation forecast for the next 12 months, saying it expects consumer prices to continue easing before reaching lows of about 3.7 percent by June 2026.

Inflation stood at 4.5 percent in November, down slightly from 4.6 percent in October, reinforcing the CBK’s view that price pressures remain contained in the near term.

‘Our focus for inflation going forward for the 12 months up to November 2026 shows that inflation will remain below the midpoint of our target range and will not exceed the five-percent rate,’ CBK Governor Kamau Thugge said.

The CBK attributes the expected moderation in inflation to exchange rate stability, improved food supply and subdued growth in core inflation.

Core inflation, which excludes food and fuel and accounts for about 81 percent of the inflation basket, is expected to anchor overall price growth over the next year.

Non-core inflation, covering food and fuel, is expected to rise temporarily due to seasonal pressures before easing as harvests improve and rains boost food supply.

The CBK’s inflation outlook has provided room for continued monetary policy easing aimed at supporting the recovery of private sector credit.

The central bank has cut its benchmark rate multiple times, citing stable inflation and a steady exchange rate as key factors supporting the decision.

Private sector credit growth has shown signs of recovery, reaching a 19-month high in November as falling borrowing costs stimulated demand for loans.

The CBK says the improvement reflects better credit demand rather than excess risk-taking, consistent with a gradual and controlled recovery.

The global lenders, however, caution that sustained credit growth and stronger domestic demand could gradually feed into inflation over the medium term.

The World Bank notes that the recovery in construction and infrastructure investment is playing a growing role in driving output growth.

While the revival of construction activity supports employment and demand, it also increases exposure to imported inputs and energy costs.

Stronger household spending, expected as borrowing costs fall and incomes stabilise, could further lift demand-side inflation pressures.

Development economist Charles Abugre leads a team of peers whose goal is to drive unconventional approaches on economic policy and development in Africa.

He spoke to the Business Daily on the sidelines of the first Africa Network Conference for the International Development Economics Associates (IDEAs) in Dakar, Senegal in November and discusses progress in pushing for unorthodox approaches to bettering the socio-economic outcomes for the continent, taking on mainstream ideas and his time in Kenya working for the United Nations.

What’s IDEAs main mission?

The mission is to have a coordinated global South perspective on matters of international development and economic policy and its impact on prospects for countries.

Much of the foundations of economics are rooted outside of the newly independent countries and assumptions are based on very matured economies and different traditions.

Countries at the early stage of development are largely agrarian in nature and a rural economy organised around small-scale farmers which is problematic because their participation in the international economy is largely based on the extraction of primary commodities, whether they are agricultural or minerals. These economies are entirely differently set up.

The problem we have had is that there has been an aggressive push of policies from the global North based on their own assumptions and interests such as structural adjustment programmes, privatisation and austerity measures.

What do you consider the early wins for you?

There has been a re-emergence of development economics, though it’s in Africa where this growth is the slowest. The first sign of success is this re-emergence and a demand for ideas for re-thinking economics.

Our writings are also becoming more visible and so our scholars are in demand to be in commission and specialised advisory panels on major issues of international economic development. Our numbers are also growing which is an important sign.

How can heterodox economic ideas go mainstream?

First, we must learn to communicate technical and complex ideas in a simple way. We are also collaborating with the mass media and if they can’t understand and project our work then we would know we are in an echo-chamber. We also want to build progressive partnerships with universities.

We also must be in spaces where discussions on economic/public policy are held. We still engage with institutions such as the World Bank and the International Monetary Fund (IMF), but we are more at home with institutions on the continent like Afrexim Bank or the African Development Bank.

We are seeing opposition to anything different as hegemonic powers are challenged, how do you deal with this?

That’s the nature of intellectual discourse. We face that everyday even in countries within the global South. Some of our scholars feel insecure travelling to some countries in the global North because of the views they hold.

We, however must find our own spaces to continue with our work because we know that our views will stand the test of time. With money and power of hegemonies threatened, one can expect a pushback.

You spent some time in Kenya earlier in your career, what did you make of the country?

In my time in Kenya, we had older politicians who were committing to democratic governance and creating spaces for alternative policies. I was working for the UNDP’s Millennium Campaign which pushed for the millennium development goals, and we had to think of different approaches to tackling poverty.

I used to host discussions and that attracted different people like former Chief Justice Dr Willy Mutunga and Kipchumba Murkomen who is now a Cabinet Secretary. At that time, they were all young people, and they believed in goals like equality.

I also travelled around Kenya, I don’t think there is a part of the country I haven’t been to, but I was a UN bureaucrat and probably went to places I wasn’t supposed to go but it helped me understand the country. It was a very hopeful time.

African countries largely confront the same challenges, how different can they go about solving these problems?

When the trust factor and collective governance collapses, it becomes difficult to contain the anger, which is an important lesson learned from the GenZ protests. The lesson however strengthens our belief that austerity is not a way to economic stability. We have to resist excessive taxation.

The problem is not on how much revenue we can raise but how revenue is applied. We must work towards leadership whose solutions do not add to the burden carried by most of the population. We have the solutions in our hands, but governments must be disciplined and have the best interests of people at heart.

What are IDEAs goals over the medium term in championing alternative economic approaches?

In five years, we should launch a master’s course in development economics in at least two universities. We are training people who will find themselves in institutions such as the Central Bank, commercial banks and in public policy spaces. These scholars should be able to push for alternative ideas in government, which down the line would be experimented on.

What’s the one alternative idea would you like to see go mainstream?

There is a growing belief that the best source of development financing is abroad. Our countries have large domestic resources, both financial and non-finance. We have Central Banks and can regulate our commercial banks properly to serve the real economy, not what I call the ‘casino economy’.

Banks cannot be making money when farmers and small manufacturers have no money. We must also introduce more development banks which will work with commercial banks and big businesses to ensure projects requiring long-term funds can be financed.

Despite ranking as one of the strongest economies in Africa, the average rate of saving in Kenya is lower than the continental average, with estimates showing that only about 13 percent of Kenyans save for a rainy day.

While this can be attributed partly to the high cost of living, factors such as high initial deposit requirements, financial illiteracy, lack of formal identification documents and discomfort interacting with bank officials, also contribute to the low saving rate in the country.

As a consequence, many Kenyans, particularly those operating in the informal economy, continue to rely on predatory mobile loans to sustain their businesses or livelihoods when in need of emergency funding.

In economies like South Africa and Nigeria, where the rate of saving averages 30 percent, fintech platforms have been adopted widely to address the saving needs of the informal economy.

By offering decent interest rates on even small capital deposits, these platforms encourage people to start by saving the little money they can get, and watch as their portfolio grows over time.

Leveraging behavioural psychology, some of these platforms guide clients on when and how to save or invest money by sending strategic reminders during instances or events when they are likely to overspend.

The same can be replicated here, but for this to happen, there is a need to first create an environment where products that encourage people to invest with the little capital they have and earn a return, can thrive.

The government can provide incentives such as tax rebates and reliefs to startups that develop products which address the specific needs and constraints of underserved households, to spur innovation.

By increasing the availability of low-cost savings products and matching their design to the needs and constraints of underserved people, more people in the informal economy will start to appreciate the culture of saving.

Marketing campaigns and account features that try to overcome psychological obstacles to saving can also aid in increasing the uptake and use of savings accounts.

Since most of the available investment tools have complex financial jargon that discourages people from investing, simplifying the language can help Kenyans appreciate the value of saving.

Households that save will not only be able to cope with unforeseen disruptions to their income and unanticipated consumption needs, but also to invest in things that could benefit future generations.

As American investor Warren Buffet once said, the ability to discipline oneself to delay gratification in the short-term in order to enjoy greater rewards in the long-term is the indispensable prerequisite for success.

Chief executives of top Kenyan companies expect to hire more workers in 2026 after months of steadily improving business conditions, which followed one of the weakest periods for formal job creation since the Covid-19 pandemic.

The renewed optimism comes after Kenya’s private sector expanded for a third consecutive month in November to a five-year high, marking a sharp turnaround from 2024 and early 2025 when hiring stalled.

Last year, the economy created the fewest jobs since Covid-19, with nearly nine in 10 new positions coming from the informal sector as companies froze pay and avoided permanent hires.

Kenya’s private sector activity expanded for the majority of the months in 2025, boosted by better performance across all sectors.

This is setting the stage for additional hires in 2026.

A new Central Bank of Kenya (CBK) survey shows that 74 percent of banks and 42 percent of non-bank firms expect to increase staff in 2026.

The survey covered chief executives and senior managers at 400 private sector firms, including 37 commercial banks, 14 microfinance banks and 349 non-bank firms across key sectors.

The hiring optimism is anchored on expectations that economic growth will strengthen in 2026, supported by recovering private sector credit, lower lending rates and sustained macroeconomic stability.

‘Respondents reported mixed expectations about hiring prospects in 2026, with 74 percent of banks and 42 percent of non-bank private firms anticipating staff increases,’ the CBK said.

Agriculture, manufacturing, trade, construction and tourism are expected to lead new hires, driven by planned business growth, diversification and expansion.

The outlook marks a shift from 2025, when firms prioritised job retention and temporary hiring amid weak demand, high taxes and political disruptions.

Companies sustained payrolls even as sales dipped mid-year, choosing to hold on to staff in anticipation of recovery rather than risk costly rehiring.

As demand recovered in the second half of the year, firms added workers cautiously, leaning heavily on short-term contracts that offered flexibility but little job security.

Executives now say easing financial conditions are changing that calculus. Lower lending rates are improving cash flows and stimulating borrowing, allowing firms to revive expansion plans shelved during tighter credit conditions.

The Stanbic Bank Kenya Purchasing Managers’ Index rose to 55.0 in November from 52.5 a month earlier.

Readings above 50.0 indicate growth in business activity, while those below that signal contraction.

November’s figure is the highest since October 2020, the survey showed, as hiring expanded for 10 months through November.

The index was above 50 for seven of the 11 months to November.

Banks are the most optimistic employers, citing stronger credit demand, selective expansion and the need to replace exiting staff.

Non-bank firms are more guarded, balancing growth plans against high operating costs, weak household purchasing power and uncertainty around taxes and government payments.

Transport sector firms remain notably pessimistic about hiring prospects.

Executives cite high logistics costs, port congestion, lengthy clearance processes, elevated freight charges and heavy penalties for delays as barriers to expansion.

‘The transport sector respondents were less optimistic about new hires in 2026 due to sector-specific risks,’ the CBK noted.

Across the economy, firms see recovering private sector credit as central to sustaining both output growth and employment.

Credit growth is expected to strengthen further in 2026 as borrowing costs fall, supporting working capital, asset financing and trade activity.

Cheaper credit is also expected to lift household spending and strengthen order books, reducing reliance on temporary labour.

Executives expect economic growth in 2026 to improve slightly compared with 2025, supported by resilient services, agriculture and government investment in infrastructure.

Stable inflation and a steady exchange rate are giving firms greater planning certainty, a key factor in committing to longer-term hiring.

However, executives warn that fiscal consolidation, high taxation and reduced government spending could still weigh on demand.

Pending bills by national and county governments continue to strain liquidity for suppliers and contractors.

Global uncertainties, including geopolitical tensions and commodity price volatility, also pose risks to business confidence.