On behalf of the Central Bank of Kenya which is co-hosting this Forum with AFRACA, let me extend a very warm welcome to all delegates to Kenya and in particular to Mombasa, a spectacular tourist town. It is my sincere hope that you will enjoy your stay in Kenya and will also find time during the Forum or after to sample Kenya’s tourist attractions.
If we assumed a downward trend in participation of about 0.3 percentage point per year, in line with estimates of the likely drag from demographics, job gains in the range of 65,000 to 115,000 would likely be sufficient to maintain full employment. Last week we received some encouraging news on output growth.