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{
    "id": 556151,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/556151/?format=api",
    "text_counter": 199,
    "type": "speech",
    "speaker_name": "Mr. Henry Rotich",
    "speaker_title": "The Cabinet Secretary for the National Treasury",
    "speaker": {
        "id": 13142,
        "legal_name": "Henry Rotich",
        "slug": "henry-rotich"
    },
    "content": "Hon. Speaker, in framing this Budget, we have taken into account developments both at the global and local fronts. The world economy is projected to grow by 3.5 per cent and 3.8 per cent in 2015 and 2016 respectively up from 3.4 per cent in 2014 buoyed by the stronger growth in advanced economies mainly as a result of the lower oil prices. However, growth in emerging and developing countries remain subdued on account of weaker growth in some major oil exporters because of lower oil prices and diminished macro-economic space. In Sub-Saharan Africa, growth is projected to slow down to 4.5 per cent in 2015 from 5 per cent in 2014 largely due to lacklustre economic performance of Nigeria and South Africa. However, in 2016, the economy of the Sub-Saharan Region is expected to recover to 5.2 per cent due to the impact of low oil prices and investment in infrastructure."
}