NAIROBI, Kenya, Jan 17 – The percentage of Kenyans who believe their economic conditions will improve in the next five years dropped by 11 points, a new report shows, highlighting the dwindling levels of economic optimism globally amid rising inflation.
The 2023 report by Edelman Trust Barometer shows that 80 per cent of Kenyans believe their families will be better off economically in the next five years from 91 per cent in 2022.
Globally, Colombia, Malaysia, and Nigeria had the highest drops in economic optimism.
“Only 40 per cent of respondents say they and their families will be better off in five years, a 10-point decline 2022,” the report reads.
The report noted job loss and inflation as the reasons for the economic fears, on the other hand, climate change, food shortages, and energy shortages were highlighted as existential societal fears.
Despite the low optimism towards the future, Kenya is amongst the biggest gainers in the trust index which shows that majority of Kenyans have their trust stable amid economic headwinds
The barometer shows that the country’s average percent trust in NGOs, business, government and media increased from 60 per cent in 2022 to 63 per cent in 2023.
Globally, United States was the biggest gainer in the trust index moving from 43 per cent to 48 per cent.
The findings of the barometer on the country’s economic prospects mirror Treasury CS Njuguna Ndung’u’s remarks in a recent briefing where he advised Kenyans to brace themselves for tough economic times ahead.
This comes as the country’s cost of living continues to soar with inflation hitting 9.1 per cent in December as the effects of the Russia-Ukraine war continue to batter the economy.
Globally, two-thirds of chief economists from private and public sectors expect a global recession in 2023, according to a survey released on Monday at the annual World Economic Forum.
