Homa Bay County Budget Review and Outlook Paper 2021

Abstract

The 2021 Budget Review and Outlook Paper is set against the backdrop of a contracting global economy occasioned by the subsequent waves of the Covid-19 Pandemic. The attendant containment measures have continued to disrupt some sectors of the economy particularly international trade and the supply chain leading to loss of livelihoods for millions of people globally. This year, the global economic growth is projected to be 3.2 percent down from the 3.5 percent in 2020 with prospects across countries and regions remaining highly uncertain. On the domestic scene, the pandemic has not only disrupted the ways of live for majority, but also livelihoods especially businesses. Nevertheless, the Kenyan Gross Domestic Product is projected to grow by 4.5 percent in the first quarter of 2021 signaling a partial recovery from the Covid-19 impacts. In the medium term, economic activity is estimated to accelerate to above 5% in 2022 and 2023 according to the latest World Bank report.