Embu County Fiscal Strategy Paper 2023/2024

Abstract

The County Fiscal Strategy Paper 2023 is framed against a backdrop of global economic slowdown underpinned by the Russia-Ukraine conflict, elevated global inflation, and the lingering effects of the COVID-19 pandemic and climate change related supply chain disruptions. As the effects of COVID-19 pandemic started to fade away, the Kenyan economy bounced back recording a GDP growth rate of 7.5 percent in 2021. However, the momentum has been disrupted again by the Russia-Ukraine conflict that has disrupted global trade with increased fuel, fertilizer and food prices. In addition, the Kenyan economy continues to be confronted by various constraints such as: recurrent drought affecting agricultural productivity; declining manufacturing productivity; skewed access to finance for business and development; rigidities in business regulatory framework; and fiscal risks including stalled public projects, payment arrears and high debt service that has hindered the economy from achieving its full potential.