Experts forecast Ethiopia to experience over 139 bn birr economic losses due to pandemic

Addis Ababa, May 14, 2020 (FBC) -A quick win intervention together with recovery plan is imperative to minimize COVID-19 induced economic and social crisis in Ethiopia.

Dr. Tadele Ferede, a researcher, said the economy will experience a loss of around 139.2 billion birr if the virus continues its existence under a mild scenario for six months.

He was speaking at the 5th virtual discussion of scholars held yesterday, according to ENA.

Dr. Tadele recommended scaling up of safety net programs, increase in domestic production and maintaining uninterrupted supply chain to minimize economic impact of the pandemic.

Plan and Development Deputy Commissioner, Endalkachew Sime, said out of the 7.5 million people working in urban areas, over 700, 000 would be impacted by COVID-19 in three months.

Ethiopia had projected a 9% growth in the 2019/20 fiscal year, however, it will fall by 2.8% due to the pandemic’s three months stay, resulting in 70 billion birr loss.