Most Kenyans optimistic of better economy in 2024, Tifa Poll indicates
Tifa Research CEO Maggie Ireri addressing journalists at Heron Portico Hotel in Nairobi on July 13, 2023.
What you need to know:
- From the survey, at least 67 per cent of Kenyans believe the year 2023 has been more economically challenging than last year.
- Some 21 per cent of Kenyans remain pessimistic about the prospects of 2024 with another 11 per cent not being sure.
A majority of Kenyans are hopeful that the cost of living will come down and that the economy will improve in 2024, as 2023 – a year that has been full of financial challenges for many Kenyans – comes to an end.
This is according to new findings by pollsters Tifa Research. Results from Tifa’s year-end poll indicate that 61 per cent of Kenyans are optimistic that 2024 will be an improvement compared to 2023.
The poll also indicates 87 per cent of Kenyans feel that the cost of living in 2023 was worse than in 2022 while 81 per cent of Kenyans feel that the economy worsened this year.
While a majority of the respondents were of the view that the cost of living, economic conditions, employment prospects and access to loans were worse than the previous year, the poll drew mixed sentiments on the political climate in the country.
Regarding employment, the poll indicates that 64 per cent of Kenyans feel that employment prospects in 2023 were worse than the previous year, while 47 per cent of Kenyans feel that the political climate in the country this year worsened as compared to the previous year.
"The survey results underscore a widespread perception among Kenyans, with a substantial majority of 87 per cent, indicating that the cost of living escalated in 2023. This perception aligns with reality, evident in the noticeable price rise for essential household items, electricity, fuel, and more," Tifa said on Friday while releasing the results of the poll.
From the survey, at least 67 per cent of Kenyans believe the year 2023 has been more economically challenging than last year.
Only 17 per cent believe that 2023 was better than the previous one with another 12 per cent believing it was the while four per cent remain unsure of whether this year was better than 2022.
Still, some 21 per cent remain pessimistic about the prospects of 2024 with another 11 per cent not being sure whether the situation will be better or worse.
From the survey, discontent regarding the year 2023 was most prevalent in Nyanza and Nairobi. In Nyanza, 89 percent of the respondents said the year was worse compared to 2022 while 87 per cent of the respondents in Nairobi shared the same view.
At least 74 per cent of respondents in Central and Rift Valley region feel things were tougher in 2023 compared to last year. This percentile remained high across the different regions with at least 84 per cent of Kenyans in Coast and Eastern sharing the same view. The figure was also high in Western Kenya (82 per cent) and North Eastern (75 per cent).
"This sentiment suggests the need for focused attention from policymakers, economists, and relevant stakeholders to address the factors contributing to the rising cost of living and implement measures that can alleviate the financial burden on the citizens," the pollsters said.
The survey established that majority of those living in urban areas, 90 per cent, felt the impact of increased of living compared to 86 per cent of those residing in rural areas. Again, Nyanza and Nairobi led the pack with 93 per cent and 92 per cent of respondents in these regions saying the cost of living worsened in 2023.
The report also established that 53 per cent of Kenyans felt that getting a loan in 2023 was more difficult compared to 2022. Only 24 per cent of Kenyans felt the prospects of getting a loan was better in 2023 compared to 2022. Around 11 per cent felt the situation was the same with 12 per cent of the respondents not being sure on this matter.
This situation, the poll said, could be indicative of various economic challenges, including stringent lending practices, elevated risk perceptions by financial institutions, and broader uncertainties affecting borrowers.
Earlier this year, Kenya faced a series of opposition-led mass demonstrations that led to heightened unrest throughout the country. This situation remained the same until April when the Opposition suspended the nationwide protests to engage the Kenya Kwanza government in bipartisan talks.
"Recently, the Opposition has issued veiled threats of unspecified consequences against the government, citing dissatisfaction with its failure to address the rising cost of living. The contrasting views held by Kenyans regarding the political climate, coupled with recent political developments, highlight a dynamic and nuanced environment," Tifa said in the report.
