Tana River County Budget Review and Outlook Paper 2022

Abstract

The 2022 County Budget Review nnd Outlook Poper (CBROP) has been prepared by the County Treasury to provide a review of the fiscul performance by the County government of Tana River during the financial year 2021/2022. It carries out comparisons of the budget appropriations in the same year . and provide insight on recent economic developments and th_e updated economic and financial forecast. Additionally it provides infon11ation to show changes from the forecast in the County Fiscal Strategy Paper (CFSP) of 2021. The 2022 CBROP is set against the backdrop of global economic slowdown occasioned by higher than expected inflation worldwide, owing to the Russia-Ukraine conflict that has caused an increase in oil, gas and food_prices._These __ have also been compounded by the negative effects of the COVID-19 Pandemic contaimnent measures and the global monetary policy. The global economy, therefore, is projected to slow down to 3.2 percent down from 6.1 percent growth in 2021. Despite the challenges, the Kenyan Economy has shown resilience and recovery from the global shocks due to the diversified nature of the economy and proactive measures by the government to cushion all sectors and support business. Consequently, the growth economy g-,rew by 7 .5 percent in 2021 following a modest 0.3 percent contraction in 2020. The growth mom,~ntum continued in the first quarter of 2022 with the economy expanding by a remarkable 6.8 percent cc1.mpared ·with 8 growth of 2.7 percent in a similar quarter in 2021.