Roles of a man: Society expectations
Protector, provider, prophet, priest and present. by Simon Mbevi
Our societies invested a lot to a male child expecting that when they grow up they will be able to assume the above roles.
What is economic crisis?
A temporary economic situation characterized by the general deterioration of a nation, region or global economy mainly as a result of the financial crisis or other disruptions as a result of calamities, state of insecurity – war/ terrorism, political crisis, economic sanctions etc.
Examples•Global depression of 1930s: mainly driven by financial crisis
• Zimbabwe crisis following the economic sanctions 2000s.•Tanzania economic crisis of 1980s: Kagera/Iddy Amin/War of liberation.
• Ethiopia economic crisis of mid 1980s because if the great famine.
• COVID 19 driven crisis ????.
COVID 19 impact
• Yet to be determine as a world economic crisis •World economy shrunk by 3.5% •Sub-Sahara down by 2.4%
•Tanzania smaller than expected growth of 2.8% – 4.8% vs expected 6.7% •Different responses from different countries•Stimulus or relief packages developed economies. •Zanzibar reduction of VAT rate to 15%.•No lock down – Tanzania.
General Economic impact
• Bankruptcy•Downsizing •Lay-offs •Loss of government revenue •Decrease in production•Increase in dependence rate
•Loss of government revenue•Decrease in production.
People impact
• Bankruptcy •Lay-offs•Increase in dependence rate •Children out of school •Poor living condition •Broken families
•Job losses •Loss of income. •Medical cover •Increase in insecurity •Health problems ( depression etc)•
Those who have been impacted; lost job, business etc
•Do not panic; Seek and trust God for direction. •Use your savings wisely; reprioritize your spend.
•Train for a new skill ( train online, volunteer, etc) •Dispose unnecessary asset/items. •Make use of online income generating opportunities •Do not choose jobs, start from somewhere •Manage family expectations ( be sincere) •Negotiate with your lenders
Dependents (students etc).
• Value your resources(time, knowledge, money, friends, mentors). • Cultivate financial prudence habits.
• Promote excellence (Explore your full potential, look for mentors/role, models) • Diversify skill set.
Those still generating stead income
• Invest in assets whose value will presumably appreciate when the economy recover.
• Build your savings bucket in anticipation of rain days
• Use your income wisely
• Create multiple source of income-Work, business, online options incl, diversify your investments
• Support those impacted by the crisis
• Support Gods work ( even more)
By Godwin Mlay
