And at the current juncture, when advanced economies are still experiencing a demand recession, it is the import demand from EMEs which is helping them make the necessary adjustment. In order to maintain their growth momentum, EMEs will need to address huge challenges and put in place both collective and individual country strategies. What these should be is by now quite well known.
The nominal effective exchange rate, which takes into account exchange rate movements of the Shilling against all our trading partners, has only depreciated by 1.6 percent since the end of 2016.