Kenyans express mixed views on state of economy as year nears close

As the year comes to a close, a section of Kenyans has expressed mixed feelings about how the general cost of living and the state of the economy has been so far.

Highlighting how the year has turned out nine months down the line, those who spoke to The Eastleigh Voice had varying sentiments about the affordability of commodities and the prospects of conditions improving.

This is amidst reports indicating a modest decline in the growth of the gross domestic product (GDP), the standard measure of economic performance.

According to the quarterly data by the Central Bank of Kenya, the country’s economy developed substantially slower in the first three months of this year than it did in the same period last year.

The economic assessment report noted the economy increased by 5.0 per cent, compared to 5.5 per cent in the same quarter of 2023.

Here are some of the views of the Kenyans who spoke to The Eastleigh Voice:

Loice Muhavi

Compared to the previous year, the economic status so far this year seems quite fair.

Household items have slightly reduced in prices, for instance, the price of sugar which has reduced from around Sh450 last year to around Sh270 for a 2kg packet.

Precisely, the year so far has been a fair one and I'm expecting things to be even better next year.

Victor Asembo

As a jua kali worker in the boda boda sector, this year has been challenging, with some days yielding less than Sh500 in profit.

Additionally, there isn't much difference from last year, but 2022 was somewhat better as the economy was just beginning to recover from the Covid-19 pandemic.

Anne Indeche

So far, 2024 has been hectic due to fluctuating commodity prices, with some items becoming more expensive while the prices of others have reduced.

Fortunately, seasonal offers and promotions have helped ease the financial strain during shopping.

Compared to 2023, this year has been somewhat more manageable; last year saw significant tax increases and soaring prices that hit my wallet hard.

I hope that in 2025, the tax burden will lessen and the government will implement measures to ensure prices continue to decline toward pre-Covid levels.

Victor Mukabi

There has been a slight improvement in economic prospects this year compared to the previous year.

In terms of job opportunities, this year has come in handy on informal gigs as compared to last year.

The chances of getting to bag one were very scarce last year. However, I'm hopeful that this coming year, 2025, will be favourable enough to alleviate my economic status as a result of getting sustainable employment.

Jael Oyoo

This year's tough living conditions are similar to last year's; the struggle remains unchanged.

High taxes have significantly impacted my disposable income, forcing me to reduce my spending.

I hope that next year will bring some tax reductions as the prices of basic commodities stabilise.

***

The varying views paint a picture of a clear disparity between the figures indicating an improving economy and the actual feeling of the citizens.

According to the World Economic Forum (WEF), individuals can still believe the economy is not heading in the right direction despite encouraging statistics.

"These patterns are influenced by two channels. First, even when general economic conditions improve, certain people continue to experience objective financial hardship. Secondly, even when objective measures of wellbeing remain the same or even improve, some people are grappling with feelings of being threatened or left behind," WEF says.

The beliefs are strongly linked to people having a lower sense of control over their lives and trusting others less when they are associated with perceptions of insecurity.

"As a result, the unfavourable opinions about the economy might solidify if they are associated with a wider set of views."