And the Verdict Is? Grim Reading for Distressed Companies

It is no disclosure that from both a micro and macro standpoint, global economic forecasts look bleak. The IMF in its recent World Economic Outlook 2023 has described the current international market conditions as fragile, with core inflation expected to continue on an upward trajectory. For developing countries like Kenya, the consequences of runaway inflation and a creeping global recession have been felt hard, manifesting in avenues such as rise in cost of doing business and weakening of local currency which now sees the Kenyan shilling trading at 142.98 against the dollar. In summary, times are tough, and businesses are feeling the full brunt of this even as financial distress is projected to be rampant.

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