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"id": 102870,
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"content": "developing economies. But it is important to note that the global finance and economic environment remains vulnerable as evidenced by the recent sovereign debt crisis in Europe. Mr. Speaker, Sir, like the rest of us, the prospects of growth in sub-Saharan Africa are also promising. Real GDP growth for sub-Saharan Africa economies is projected at 4.7 per cent in 2010 and 5.9 per cent in 2011, up from 2.1 per cent in 2009. Growth of Kenyaâs major trading partners in the east African region such as Uganda, Tanzania and Rwanda is projected to remain strong at about 5.7 per cent in 2010. Drawing on lessons from the recent crisis, African countries must, as a priority, take full advantage of opportunities arising from increased activity in the global economy to put their economies back onto higher growth trajectory. Mr. Speaker, Sir, with regard to the domestic economy, the Kenyan economy also recovered, although modestly, from the recent global recession and other exogenous shocks, growing by 2.6 per cent in 2009, up from 1.6 per cent in 2008. The recovery was driven mainly by growth in transport and communication, trade and building and construction sectors. Equally important was the interventions which we, as the Government, undertook in the context of the Kazi kwa Vijana and the Economic Stimulus Programme to address, to address in particular the problem of youth unemployment and food security in the country. Underpinning our ability to proactively intervene was the prevailing sound fiscal position, including low public debt level and a stable banking system. Mr. Speaker, Sir, our prudent management of fiscal and monetary policies has ensured price stability. Indeed, the overall inflation rate eared falling from 14.6 per cent in February of 2009, to 5.3 per cent in December 2009 and further to 3.9 per cent in May 2010. Reduced prices of food items in the first half of 2010, which was the main driving force in 2009, complemented monetary policy to bring down inflation. Mr. Speaker, Sir, interest rates also declined significantly in 2009/2010, with the average 90-day Treasury Bill rate easing from 8.5 per cent in January 2009 to 5.2 per cent in May 2010. This outcome was largely the result of prudent fiscal policy management. Mr. Speaker, Sir, the external sector improved, registering an overall surplus of US$465 million in 2009 compared to a deficit of US$513 million in 2008. Official foreign exchange reserves rose by over 30 per cent to reach US$3.8 billion by the end of April, 2010, compared to US$2.9 billion in April, 2009. The exchange rate remained relatively stable during the last one year but; indeed, it has weakened significantly since May, 2010, and this is largely as a result of the crisis in the Euro zone. Mr. Speaker, Sir, economic prospects for 2010 and the medium-term are promising. Real GDP growth for 2010 and 2011 is projected at 4.5 per cent and 5.7 per cent respectively or 5.1 per cent growth for the financial Year 2010/2011. Growth in this period will be driven mainly by increased investments in key sectors, including agriculture, services, infrastructure, health and education and targeted strategic development interventions, which I will be outlining later in my speech. In addition, the good rains that started falling in December of 2009, as well as the global economic recovery that is gaining momentum, will help to expand agricultural output and drive this growth. Mr. Speaker, Sir, as I have indicated above, economic prospects are promising. However, there are inherent risks that still prevail at the global financial and economic environment as evidenced by the current sovereign debt crisis in Europe. Moreover, we continue to face serious challenges associated with climate"
}