Continued growth trajectory demonstrates Ethiopia’s economic resilience: PM Abiy
Addis Ababa, November 15, 2022 (FBC) – Addressing the House of Peoples Representatives, Prime Minister Abiy Ahmed said the macro economy of Ethiopia has been growing despite several challenges.
The economy has shown growth despite bottlenecks resulted from coronavirus pandemic, drought and the conflict in northern part of the country.
At the end of the 2014 Ethiopian Fiscal Year, the gross domestic product (GDP) of the nation witnessed 6.4 percent growth. And the nation plans to achieve 7.5 percent growth this year, Abiy indicated.
The agriculture has witnessed 6.1 percent growth, he said, citing the productivity in the wheat farming as a driving force for the results.
Ethiopia’s economy reached 126.7 billion USD at the end of 2014 fiscal year as the per capita income increased to 1212 USD.
“The Ethiopian economy risen to 1st in the East Africa and 3rd in the Sub-Saharan Africa, according to the World Bank report,” Prime Minister Abiy underscored.
“However, we do not agree with the report in its entirety. Because Ethiopia has both formal and informal economic activity, we believe it has achieved greater growth than the report indicates,” he said.
The challenges have prompted culture of hard working in the nation, the Premier underscored, adding that several measures are being taken to address the inflation.