| dc.description.abstract | Section 117 of the public Finance Management Act, 2012 provides that the County Treasury shall prepare and submit to the County Executive and the County Assembly the County Fiscal Strategy Paper for approval by the 28th February of each year. This strategy paper articulates priority socioeconomic and fiscal policies and structural reforms as well as sectoral expenditure programs to be implemented in the Fiscal Year 2022/2023 and the medium term. Specifically, the County Fiscal Strategy Paper aims to; Specify the broad strategic priorities and policy goals that will guide the county government in preparing its budget for the coming financial year and over the medium term, provide Linkage with the national objectives in the Budget Policy Statement and the financial outlook with respect to county government revenues, expenditures and borrowing over the medium term.
The global economic recovery continues to strengthen, largely supported by gradual reopening of economies, relaxation of Covid-19 restrictions particularly in the major economies, ongoing rollout of vaccines, and strong policy measures. Nevertheless, the outlook for global growth remains highly uncertain, due to the resurgence of infections, the reintroduction of containment measures, and the uneven pace of vaccinations across the globe. As such, global growth is projected to grow at 5.9 percent in 2021, moderating to 4.9 percent in 2022 from the contraction of 3.1 percent in 2020. Global growth is expected to moderate to 3.3 percent over the medium term reflecting further policy support. | en |
