This archive report was first published on 14 December 2021.
Published on December 14, 2021, the economic landscape of Kenya was marked by contraction and loss, but also by resilience and innovation.
The economy contracted by 0.3 per cent in 2020, shrinking to Sh8.71 trillion from Sh8.74 trillion in 2019.
Many companies laid off workers, while others implemented pay cuts or shift work to stay afloat.
However, the pandemic also brought about new opportunities for some individuals and businesses.
The manufacture and sale of face masks and hand sanitizers emerged as new lines of business, creating jobs for those who had lost work.
Online gigs like teaching and food delivery services also gained popularity during the pandemic.
Locally, Safaricom recorded a net profit of Sh37 billion in the first six months of 2021, boosted by Covid-19 relief measures.
“M-Pesa recorded a strong performance, growing 45.8 per cent year-on-year following the return to charging beginning January 2021,” said Safaricom Chief Executive Peter Ndegwa.
As the economy begins to recover, sectors like tourism are showing signs of improvement, with international tourists returning to the country.
James Njaaga, CEO of Sensational Adventures, noted that while the sector is still recovering, the easing of travel restrictions has boosted hopes of complete recovery.
Toyota Kenya Sales, Marketing and Logistics General Manager Andrew Omolo suggested that some people may have “overdramatised” the effects of the pandemic.
