PKF in Eastern Africa
World growth strengthened in 2017, with a notable rebound in global trade. It was driven by an investment recovery in advanced economies, continued strong growth in emerging Asia, a prominent upswing in emerging Europe, and signs of recovery in several commodity exporters. Global growth is expected to continue to increase this year and next, supported by strong momentum, favorable market sentiment, accommodative financial conditions, and the domestic and international effects of expansionary fiscal policy in the United States.
In 2015, the global real Gross Domestic Product (GDP) decelerated to 3.1% in 2015 from 3.4% in 2014. The baseline projection for global growth in 2016 is a modest 3.2%, broadly in line with 2014, and a 0.2% downward revision relative to the January 2016 World Economic Outlook (WEO) update. The recovery is projected to strengthen in 2017 and beyond, driven primarily by emerging market and developing economies, as conditions in stressed economies start gradually to normalize.
We are pleased to attach a briefing on the Kenya Budget Statement for the fiscal year 2016/2017. The Finance Bill 2016 has not been issued and therefore the finer details of each of the proposals set-out in the Budget Statement may not have been comprehensively dealt with in our briefing. We will in due course issue a more comprehensive analysis of the Finance Bill 2016.